MFIC Corporation Announces 2000 Third Quarter Results.Business/Technology Editors NEWTON, Mass.--(BUSINESS WIRE)--Nov. 16, 2000 (Nasdaq OTCBB OTCBB See OTC Bulletin Board (OTCBB). Symbol: MFIC MFIC Malaysian Furniture Industry Council MFIC Microfluidics International Corp. MFIC Military Flight Information Center MFIC Missionary Franciscan of the Immaculate Conception (religious order) ) MFIC Corporation (MFIC) today reported consolidated revenues of $3,949,071 and a net loss of $316,348, or $(.04) per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the quarter ended September 30, 2000. This compares with revenues of $3,692,425 and a net loss of $78,903, or $(.01) per basic and diluted share for the corresponding period in 1999. For the first nine months of 2000, consolidated revenues were $11,633,969, as compared with $9,632,064 for the corresponding period in 1999. The net loss for the first nine months of 2000, before an extraordinary gain on debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: , was $236,288, or $0.03 per basic and diluted share exclusive of an extraordinary gain of $(.03), as compared with a net loss of $757,993 or $(0.13) per basic and diluted share for the comparable 1999 period. The backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of orders as of September 30, 2000 was approximately $3,569,000. This compared with a backlog of approximately $2,700,000 as of September 1999. Irwin Gruverman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman, stated, "Our revenue for the third quarter was approximately 7% above that achieved in the corresponding quarter in 1999. For the third quarter, we posted an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of approximately $119,014 before interest charges and exclusive of charges in the amount of $157,928 for depreciation and amortization of goodwill and patents and a non-recurring $200,000 charge related to the settlement of a legal dispute with a customer. The customer dispute arose from the sale of equipment by Epworth Manufacturing Company prior to its acquisition by MFIC in August 1998. Also, the shipment of a completed $250,000 production Microfluidizer(R) system scheduled to ship in the quarter was delayed at the customer's request. We anticipate posting very strong sales levels in the fourth quarter, which will include the delayed shipment, and will benefit from the existence of our strong backlog position. The third quarter and the fourth quarter to date have displayed strong order and quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. activity. Based upon current activity and trends we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about growth of sales and the posting of a profitable year in 2001." This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , the outcomes of the events described in such statements are subject to certain risks and uncertainties including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's plan to maintain revenue growth and attain net profitability. Actual results achieved by the Company could differ materially from the Company's estimates and projections, depending on a number of factors including the following risks and uncertainties: the Company's ongoing ability to manage the integration of the Epworth Mill and Morehouse-COWLES divisions into its operations, uncertainty that the performance advantages of the Company's equipment will be realized commercially or that a commercial market for the equipment will continue to develop, the dependence by the Company upon key customers, order shipment delays requested by customers, the development of competing or superior technologies and products from other manufacturers, the cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. nature of the materials processing Articles on Materials processing include:
MFIC CORPORATION
Statement of Operations
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
Revenues $ 3,949,071 $ 3,692,425 $11,633,969 $ 9,632,064
Cost of goods sold 2,076,784 1,999,434 6,263,459 5,481,301
Gross Profit 1,872,287 1,692,991 5,370,510 4,150,763
Other operating costs
and expenses 1,911,201 1,652,057 5,164,359 4,597,406
(Loss) Income from
operations (38,914) 40,934 206,151 (446,643)
Other expense 200,000 200,000
Other income 1,514 248 19,201
Interest expense 77,434 121,351 242,687 330,551
Net income (loss)
before extraordinary
item (316,348) (78,903) (236,288) (757,993)
Gain on subordinated
debt restructuring -- -- 194,500 --
Net income (loss)
before taxes (316,348) (78,903) (41,788) (757,993)
Income tax provision -- -- -- --
Net Income (loss) $ (316,348)$ (78,903) $ (41,788) $ (757,993)
Weighted average
number of common and
common equivalent
shares outstanding:
Basic 7,346,229 5,818,588 7,008,226 5,818,588
Diluted 7,346,229 5,818,588 7,008,226 5,818,588
Basic amounts per
common share:
Net Income (loss) per
share before
Extraordinary gain $ (.04) $ (.01) $ (.03) $ (.13)
Extraordinary gain
per share $ .00 $ (.00) $ .03 $ .00
Basic net income
(loss) per share $ (.04) $ (.01) $ .00 $ (.13)
Diluted amounts per
common share:
Net (loss) per share
before Extraordinary
gain $ (.04) $ (.01) $ (.03) $ (.13)
Extraordinary gain
per share $ .00 $ 00 $ .03 $ .00
Diluted net income
(loss) per share $ (.04) $ (.01) $ .00 $ (.13)
MFIC CORPORATION MFIC Corporation, through its Microfluidics Division, provides patented and proprietary, high performance Microfluidizer(R) materials processing equipment to the chemical, pharmaceutical, biotechnology, cosmetic/personal care, and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. industries. Through its divisions, the Company provides leading equipment, and innovative technology and solutions to the chemicals, paints, pigments and coatings industries for milling, deagglomeration and dissolving dis·solve v. dis·solved, dis·solv·ing, dis·solves v.tr. 1. To cause to pass into solution: dissolve salt in water. 2. . The combined resources and capabilities of the Company's equipment lines are used to provide comprehensive solutions to materials processing. |
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