MFIC - Yes, I am still holding it, but they are managing to squeak out marginal profits.
MFIC Corporation Announces 2002 Second Quarter and Six Month Results
NEWTON, Mass.--(BUSINESS WIRE)--Aug. 13, 2002--MFIC Corporation (Nasdaq OTCBB Symbol: MFIC - News) today reported consolidated revenues of $3,644,754 and a net profit of $55,431, or $0.01 per diluted share, for the quarter ended June 30, 2002. This compares with revenues of $3,436,749 and a net loss of $285,573, or $0.04 per diluted share for the corresponding period in 2001. ADVERTISEMENT
For the first six months of 2002, consolidated revenues were $7,226,074, as compared with $7,886,373 for the corresponding period in 2001. The net income for the first six months of 2002 before the cumulative effect of an accounting change was $155,678 or $0.02 per diluted share, as compared with a net income of $211,482 or $0.03 per diluted share for the comparable 2001 period.
The backlog of orders as of June 30, 2002 was approximately $2.8 million. This compared with a backlog of approximately $3.2 million as of June 30, 2001.
Robert P. Bruno, President & COO, stated "Our revenue for the second quarter increased by $207,005, or more than 6%, as compared with the corresponding quarter in 2001. Our Morehouse-COWLES Division posted somewhat stronger sales in this quarter than in recent quarters and showed a marked improvement in their operating results. Their backlog at June 30th was at a highpoint in recent years. Sales and quotation activity at both the Microfluidics and Morehouse-COWLES Divisions displayed positive trends and should result in higher quarterly revenue in the third quarter and beyond."
Irwin Gruverman, CEO and Chairman, stated "We posted a modest operating profit in the second quarter that is contrasted with the substantial loss experienced in the second quarter of 2001. It should be noted that this and future quarters are not subject to the non-cash charges for amortization of goodwill that impacted previous years. Profitability resulted, in part, from a better operating result at Morehouse-COWLES than has been achieved in recent quarters. That Division has a strong order backlog and has gained greater control over its costs. With the projected sales increase and better operating profits at that division and the rather steady inquiry, order and operating results at the Microfluidics Division, we believe that we should achieve continued operating profitability in upcoming quarters and for the year."
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's plan to achieve revenue growth, and to maintain and/or increase operating profitability. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to, the following risks and uncertainties: (i) whether the performance advantages of the Company's Microfluidizer® or Zinger® materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, and (ii) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales and ongoing borrowing availability, the latter being subject to the Company's ability to comply with the covenants and terms of the Company's loan agreement with its senior lender. |
