Misonix Announces Final Fourth Quarter and Year End Results
FARMINGDALE, N.Y.--(BUSINESS WIRE)--Aug. 19, 1998--Misonix, Inc. (NASDAQ:MSON) today reported net sales of $9,410,354 for the three months ended June 30, 1998, an increase of 55% over the $6,054,165 reported for the comparable period last year.
The Company recorded net income of $2,441,761 or $.37 per share on a diluted basis for the quarter ended June 30, 1998, compared to net income of $2,107,956, or $.33 per share on a diluted basis for the quarter ended June 30, 1997.
Net sales for the year ended June 30, 1998 increased to $26,764,332 from $17,560,041 in the corresponding period last year. The Company had net income of $5,328,381, or $.81 per share on a diluted basis for the year ended June 30, 1998 as compared to net income of $177,125, or $.03 per share on a diluted basis for the year ended June 30, 1997.
These outstanding results reflect continued strong demand for the Company's Ultrasonic Soft Tissue Aspirator and first year revenues from sales of the Company's Ultrasonic Surgical Device as well as continued growth of the Company's scientific and industrial products.
Dr. Librizzi, President, stated that he is "pleased with the continued strong growth of Misonix and looks forward to making inroads into the medical device marketplace through continued growth of existing products as well as acquiring and developing new medical devices".
Misonix, Inc. develops, manufactures and/or markets medical, scientific and industrial ultrasonic and air pollution control systems.
-0- *T
MISONIX, INC. AND SUBSIDIARIES
COMPARATIVE RESULTS
(000's omitted, except per share figures)
Three Months Ended Twelve Months Ended
June 30, June 30, 1998 1997 1998 1997
NET SALES $ 9,410 $ 6,054 $26,764 $17,560
COST OF GOODS SOLD 4,131 2,357 12,236 7,591
GROSS PROFIT 5,279 3,697 14,528 9,969
Selling general and
administrative expenses 2,126 1,588 7,407 5,492
Research and development 155 160 859 351
Non-cash compensation charge -- 185 -- 4,545
Total operating expenses 2,281 1,933 8,266 10,388
INCOME (LOSS) FROM OPERATIONS 2,998 1,764 6,262 (419)
OTHER INCOME 397 376 1,142 680
INCOME BEFORE MINORITY
INTEREST AND INCOME TAXES 3,395 2,140 7,404 261
Minority interest in net income of consolidated subsidiary (4) (9) (14) (32)
INCOME BEFORE INCOME TAXES 3,391 2,131 7,390 229
INCOME TAXES (949) (23) (2,062) (52)
NET INCOME 2,442 2,108 5,328 177
NET INCOME PER SHARE-BASIC $ .43 $ .37 $ .94 $ .04
NET INCOME PER SHARE-DILUTED $ .37 $ .33 $ .81 $ .03
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 5,724 5,672 5,690 4,835
WEIGHTED AVERAGE COMMON SHARES AND SHARE EQUIVALENTS OUTSTANDING 6,573 6,477 6,562 5,202
*T
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.
CONTACT:
Misonix Inc., Farmingdale
Peter Gerstheimer
516/694-9555
|
