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.
-0- 10/30/97 /CONTACT: Cheryl Schneider,
Tessa Lavender or Press - Michael McMullan of Morgen-Walke Associates,
212-850-5600, for Misonix/
(MSON USS)
CO: Misonix, Inc.; United States Surgical Corporation ST: New York
IN: MTC SU: ERN |
