March 09, 1999 07:45
Isonics Reports Record Third Quarter Revenue; Posts Positive
Earnings
239 Percent Increase in Sales
Isonics Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
January 31, January 31,
1999 1998 1999 1998
Net revenues $6,670 $1,968 $14,309 $5,274
Cost of revenues 3,393 1,296 11,575 3,636
Gross margin 1,277 672 2,734 1,638
Operating expenses:
Selling, general and
administrative 826 369 2,444 1,005
Research and development 250 227 962 579
Restructuring and office
closure -- -- 708 --
Total operating expenses 1,076 596 4,114 1,584
Operating income (loss) 201 76 (1,380) 54
Other income (expense):
Foreign currency gain
(loss), net 131 -- 35 --
Interest income (expense), net (78) 23 (215) (164)
Total other income
(expense), net 53 23 (180) (164)
Income (loss) before
extraordinary item and
income taxes 254 99 (1,560) (110)
Income tax expense 177 -- 197 1
Income (loss) before
extraordinary item 77 99 (1,757) (111)
Extraordinary item - loss on
extinguishment of debt -- -- -- (252)
NET INCOME (LOSS) $77 $99 $(1,757) $(363)
Net income (loss) per share
- basic
Net income (loss) per share
before extraordinary item $0.01 $0.02 $(0.29) $(0.02)
Extraordinary item $-- $-- $-- $(0.04)
Net income (loss) per share $0.01 $0.02 $(0.29) $(0.06)
Shares used in computing per
share information 6,216 5,360 6,120 5,836
Net income (loss) per share
- diluted
Net income (loss) per share
before extraordinary item $0.01 $0.01 $(0.29) $(0.02)
Extraordinary item $-- $-- $-- $(0.04)
Not income (loss) per share $0.01 $0.01 $(0.29) $(0.06)
Shares used in computing
per share information 6,918 6,625 6,120 5,836
Isonics Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
January 31, April 30,
1999 1998
ASSETS
CURRENT ASSETS
Cash and cash equivalents $228 $1,044
Accounts receivable, net 3,389 1,629
Inventories 1,134 456
Prepaid expenses and other assets 388 157
Total current assets 5,139 3,286
PROPERTY AND EQUIPMENT, net 1,089 1,626
GOODWILL, net 3,450 236
OTHER ASSETS 293 507
$9,971 $5,655
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt $261 $80
Notes payable - shareholders 877 --
Accounts payable 3,908 657
Accrued liabilities and other 1,155 738
Total current liabilities 6,201 1,475
LONG-TERM DEBT 859 739
DEFERRED TAXES 197 --
STOCKHOLDERS' EQUITY 2,714 3,441
$9,971 $5,655
SOURCE Isonics Corporation
/CONTACT: Matt Clawson of Allen & Caron, Inc., 714-957-8440, for Isonics
Corporation; or James E. Alexander of Isonics Corporation, 303-279-7900/
/Web site: isonics.com
(ISON) |
