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Home > Press > MFIC Corporation Announces Record Fiscal 2006 and Quarterly Results

Abstract:
Company Posts Significant Profit for Quarter and for Year

MFIC Corporation Announces Record Fiscal 2006 and Quarterly Results

Newton, MA | Posted on March 29th, 2007

(OTCBB: MFIC) MFIC Corporation ("MFIC" or the "Company") reported today its 2006 year-end and fourth quarter financial results.

For the year ended December 31, 2006, revenues were $15.6 million, an increase of more than $4 million, or 34%, as compared with $11.6 million for the comparable period in 2005. For 2006, the Company posted net income of $1.28 million or $0.12 per diluted share, as compared with a net loss of $.989 million, or $0.10 per diluted share for fiscal 2005.

For the quarter ended December 31, 2006, the Company reported revenues of $5.04 million as compared with $3.06 million in the comparable period in 2005, representing a 64% increase. Net income in the fourth quarter of 2006 was $1.0 million, or $0.10 per diluted share, compared with a net loss of $.539 million, or $0.06 per diluted share in the comparable period in 2005. The fourth quarter 2006 results include a $228,000 income tax benefit while the fourth quarter of 2005 included an income tax provision in the amount of $262,000.

On December 31, 2006, the Company had a backlog of $3.1 million, as compared with $2.8 million at December 31, 2005 and a $4.9 million backlog at September 30, 2006.

Robert P. Bruno, President & C.O.O. stated "We are pleased with our revenue growth recorded in both the fourth quarter and 2006. The increase in the number of laboratory unit sales and, in particular, the strong demand for the Company's improved M-110EH-30 system, introduced in the last quarter of 2005 played a large part in our growth.

"The Company also delivered several production systems for Biopharmaceutical applications, one of which was our newly standardized M-7250 system. This system included our Constant Pressure feature with Ultra Clean in Place (UCIP) and Steam in Place (SIP) for aseptic processing of drugs. These features enable our pharmaceutical customers to be compliant with cGMP regulatory requirements. The new Biopharmaceutical system architecture integrates all machine controls, functions and data recording onto a single common platform."

Mr. Bruno added, "For 2007, we expect growth in new products such as our M-110EH-30, the M-7250, and standardized systems for the Biopharmaceutical industries along with others to fuel continued expansion in market share."

Irwin Gruverman, CEO and Chairman stated "We are gratified by the financial results posted for fiscal 2006. For 2006 and the fourth quarter our revenues were above our internal projections and we were solidly profitable.

In 2006 we realized, in part, the benefit of our substantial and continuing investment in R&D, infrastructure development, marketing and sales. We believe that the developments achieved in the past few years in both product improvements and equipment features, combined with ongoing applications development, will keep us in a leadership position and drive continued growth in 2007 and beyond.

We must emphasize that in 2006, and particularly in the fourth quarter, the Company benefited from a strong capital equipment demand, as evidenced by the backlog going into the fourth quarter. As a capital equipment manufacturer, future quarterly revenues may fluctuate significantly."

Mr. Gruverman added, "We continue to experience positive trends in equipment inquiry and sales quotation, sales bookings and backlog, which increased to $3.6 million as of March 23, 2007."

Fourth Quarter and 2006 Company Highlights

* Sold an unprecedented number of laboratory units and experienced strong demand, in particular for the improved Model M-110EH-30 introduced in late 2005.
* Introduced and shipped the first newly standardized M-7250 system for the Biopharmaceutical industry, which includes our Constant Pressure feature with Ultra Clean In Place and Steam in Place (SIP). The system incorporates our new system architecture integrating the machine, all machine controls, functions and data recording onto a single common platform. Programmable Logic Control (PLC) is also integrated to manage and record sensor signals, system alarms, and interlocks. The PLC will process all of this captured information chronologically to provide the customer with real time "Event Log" data for cGMP monitoring and to assure that the machine will perform correctly during adverse events.
* Signed a new 5 year lease for the Company's administrative, sales, and manufacturing facilities which allowed us to begin a major expansion and improvement of production space and operations and to commence construction on a new, upgraded Applications Laboratory.
* Achieved significantly higher quarterly bookings than in all comparable quarters in 2005, leading to achievement of two quarterly revenue records.

FORWARD LOOKING STATEMENT:

Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's plan to attain and/or increase operating profitability and/or to achieve net profitability. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to the following risks and uncertainties: (i) whether the performance advantages of the Company's Microfluidizer® materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, (ii) whether the performance advantages of the Company's MMR nanoparticle production systems will be realized commercially, (iii) whether the Company will be able to increase its market penetration and market share, (iv) whether the timing of orders will significantly affect quarterly revenues and resulting net income results for particular quarters which may cause increased volatility in the Company's stock price, and (v) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales, and ongoing borrowing availability, the latter being subject to the Company's ability to comply with the covenants and terms of its loan agreement with its senior lender.

####

About MFIC Corporation
MFIC Corporation, through its Microfluidics Division, provides patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. The equipment enables the manufacture and formulation of numerous nanomaterials and nanoscale products. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for more than 15 years.

The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to MFIC equipment customers.

 

MFIC CORPORATION

Consolidated Condensed Statements of Operations

(in thousands, except share and per share amounts)

 

 

Year Ended

December 31,

Fourth Quarter Ended

December 31,

 

2006 

2005  2006  2005 
Revenues $15,654  $11,645  $5,040  $3,064 
Cost of goods sold 7,001  5,918  2,195  1,635 
Gross profit 8,653  5,727  2,845  1,429 
Total operating expenses 7,449  6,498  2,064  1,701 
Operating income (loss) 1,204  (771) 781  (272)
Interest expense (35) (59) (6) (13)
Interest income 50  26  19 
Net income (loss) from operations before income tax provision (benefit)

1,219 

(804)

794 

(277)

Income tax (benefit) provision (58) 185  (228) 262 
Net income (loss) 1,277  (989) 1,022  (539)

Weighted average number of common and common equivalent shares outstanding:

 

 

 

 

Basic 10,012,685  9,756,221  10,079,366  9,854,068 
Diluted 10,611,635  9,756,221  10,678,316  9,854,068 
Basic amounts per common share:        
Net income (loss) per share

$ 0.13 

$ (0.10)

$ 0.10 

$ (0.06)

Diluted amounts per common share:        
Net income (loss) per share

$ 0.12 

$ (0.10)

$ 0.10 

$ (0.06)

Condensed Consolidated Balance Sheets

 
December 31,
2006  2005 
Current Assets $7,857  $5,734 
Current Liabilities $2,213  $1,461 
Stockholders Equity $5,948  $4,426 
Equity Per Share $ 0.56  $0.45 

Notice to Investors/Stockholders

MFIC will hold a live conference call to discuss the Company’s fourth quarter and fiscal year end financial results beginning at 1:00 PM Eastern time on April 2, 2007. The domestic call in number is (800) 370 0898 and the Conference I.D. number is 8634648. For those who cannot listen and participate in the live event, it is anticipated that a replay of the call will be available on the Company’s website: www.mficcorp.com by mid-to-end of the week.

For more information, please click here

Contacts:
MFIC Corporation
Irwin Gruverman
CEO & Chairman
or
Robert P. Bruno
President & COO
or
Jack M. Swig
Investor Relations
617-969-5452
Fax 617-965-1213

Copyright © Business Wire 2007

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