October 30 7:43 AM EST Company Press Release
Misonix, Inc. Reports Fiscal First Quarter 1998 Results; Records Significant Increases in Revenues and Income
FARMINGDALE, N.Y., Oct. 30 /PRNewswire/ -- Misonix, Inc. (Nasdaq:MSON), a developer and manufacturer of medical, scientific, and industrial ultrasonic products, today reported results for its fiscal 1998 first quarter ended September 30, 1997.
For the quarter, revenues increased 80% to $5.0 million, compared with $2.8 million in the first quarter of 1997. Pretax income increased 196% to $1.3 million versus $425,000 in the comparable period in 1997. In the first quarter of 1998, the Company began making provisions for income taxes payable. Net income increased 113% in the quarter to $908,000, compared with $425,000 in the prior year's period. Earnings per share for the quarter were $0.13 versus $0.10 in the comparable 1997 period, on a 53% increase in shares outstanding reflecting the February 1997 exercise of publicly issued redeemable warrants.
Joseph Librizzi, President and Chief Executive Officer, said, ''Our revenue growth in the first quarter primarily reflects contributions from our medical products division, which was in the development stage last year. As a result of our exclusive licensing agreement with Medical Device Alliance, Inc. for our soft tissue aspirator, revenues produced by this segment represented a notable 39% of our total first quarter revenues. Also, particularly noteworthy during the quarter was United States Surgical Corporation's (NYSE:USS) earlier-than-expected initial production order for our ultrasonic surgical technology, which we licensed to U.S. Surgical in October 1996. Shipments to U.S. Surgical are expected to begin in the current quarter.''
Dr. Librizzi continued, ''We are also pleased with the continued strong performance of our core scientific and industrial products divisions, which registered a 21% increase in revenues in the first quarter. We recently announced that our Mystaire division received its single largest order ever for an air pollution system, reflecting our ability to penetrate the growing air pollution abatement market.''
Misonix, Inc. develops, manufactures, and/or markets medical, scientific, and industrial ultrasonic and air pollution systems.
Forward Looking Statements: Statements in this news release looking forward in time are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, consumer and industry acceptance, and regulatory risks.
MISONIX, INC. AND SUBSIDIARIES
Consolidated Statement of Earnings
for the Quarter ended September 30, 1997 and 1996
(in thousands of dollars, except per share data)
For the Quarter Ended
September 30,
(unaudited)
1997 1996
Net sales $ 5,013 $ 2,790
Cost of goods sold 2,159 1,357
Gross profit 2,854 1,433
Selling, general and administrative expenses 1,543 1,085
Research and development 277 35
Total operating expenses 1,820 1,120
Income from operations 1,034 313
Other income 227 114
Income before minority interest and
income taxes 1,261 427
Minority interest in net income of
consolidated subsidiary (2) (2)
Income before income taxes 1,259 425
Income taxes (351) -
Net income $ 908 $ 425
Net income per share $ 0.13 $ 0.10
Weighted average shares and
share equivalents outstanding 6,737 4,417
SOURCE Misonix, Inc.
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More news for referenced ticker symbols: MSON, USS, and related industries: medical.
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