MICROFLUIDICS INTERNATIONAL CORPORATION ANNOUNCES THIRD QUARTER
2009 FINANCIAL RESULTS
Company Reports Net Income, Strong Demand by Vaccine Developers and Manufacturers
Newton, MA, November 2, 2009 - Microfluidics International Corporation (OTCBB: MFLU), today
reported unaudited financial results for the third quarter ended September 30, 2009.
Third quarter accomplishments:
• Earned net income for the third quarter of $425,000
• Achieved $650,000 in earnings before interest, taxes, depreciation and amortization
(EBITDA)
• Delivered strong bookings in the third quarter of $4.8 million and a backlog of $4.75
million as of September 30, 2009
• Generated $4.5 million in revenue for the third quarter, a 27% increase over the same
period in 2008
“I am pleased to report that the strategic plan we implemented a year ago has led us to our first
profitable quarter since my joining the Company,” said Michael C. Ferrara, Chief Executive Officer
of Microfluidics. “We will continue to innovate with new products, increase international
representative and distributor coverage, streamline costs and improve quality in support of our
customers as we strive to carry this positive momentum through the second half of the year and
into 2010.”
“The initiatives and strong cost controls implemented in the first half of the year are yielding
tangible results,” said Peter Byczko, Vice President of Finance and Chief Accounting Officer.
“Demand in our product line remains strong, especially within our core biopharmaceutical markets
and customers are exhibiting increased interest in value-added services as they realize the
importance of maximizing machine uptime and availability. We are pleased with our results and
will continue to work to improve the financial position of the Company.”
Third Quarter Financial Results:
Revenues for the three months ended September 30, 2009 were $4.5 million, an increase of $1.0
million, or 27%, as compared to revenues of $3.5 million for the three months ended September
30, 2008. North American revenues were $3.2 million, an increase of 63% as compared to $2.0
million in the third quarter of 2008. The increase in North America was offset by a 19% decrease
in foreign sales from $1.5 million for the third quarter of 2008 to $1.3 million for the third quarter of
2009. Our gross margin increased to 66% in the third quarter of 2009. This increase is
attributable to pricing actions taking effect and appropriately adjusting our pricing to cover
additional services requested by our customers. Net income was $425,000, or $0.04 per diluted
share, for the three months ended September 30, 2009 as compared to a net loss of $1.1 million,
or $0.10 per diluted share, for the same period in 2008.
EBITDA was $650,000 for the three months ended September 30, 2009 compared with a
$930,000 EBITDA loss for the same period in 2008. EBITDA is a Non-GAAP financial measure.
A reconciliation of GAAP net income to Non-GAAP EBITDA is provided in the financial tables that
accompany this release and is discussed under the section below titled “Non-GAAP Financial
Measures.”
Year to Date Financial Results:
Revenues for the nine months ended September 30, 2009 were $11.5 million, an increase of
$83,000, or 1%, as compared to revenues of $11.4 million for the nine months ended September
30, 2008. Net loss was $442,000, or $0.04 per diluted share, for the nine months ended
September 30, 2009 as compared to $2.3 million net loss, or $0.22 per diluted share, for the
same period in 2008.
EBITDA was $230,000 for the nine months ended September 30, 2009 compared with $2.1
million EBITDA loss for the same period in 2008.
Live Webcast:
Microfluidics International Corporation will host a webcast on Monday, November 2, 2009 at 4:30
p.m. Eastern Time. Participants are invited to attend the call by visiting
www.microfluidicscorp.com or by dialing 866-356-4281 (within the United States) or 617-597-
5395 (outside the United States). The passcode for participants is 96732749.
A replay will be available approximately two hours after the live call through November 9, 2009.
To access the replay, dial 888-286-8010 (within the United States) or 617-801-6888 (outside the
United States). The passcode for participants is 69691770. A replay will also be posted on the
Company’s website approximately two hours after the live call and will be available for a period of
30 days. |
