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MFIC Corporation ("MFIC" or the "Company")(OTCBB: MFIC) announced today that it anticipates that revenues for the first quarter of 2007 will be significantly lower than the $3.2 million revenues posted in the first quarter of 2006. As a result of the lower first quarter 2007 revenues, the Company anticipates reporting a loss for the period. Delays in shipping of two production Microfluidizer processor systems, valued in the aggregate at approximately $644,000, is the primary reason for the lower revenue result. Final testing of one system in the last week of the quarter encountered a technical difficulty which could not be resolved quickly; the second delay was caused by issues regarding scheduling of the final testing process before the quarter's end. Both production units are anticipated to be booked as revenue in the second quarter of 2007.
As stated in prior filings and releases, capital goods manufacturers, such as MFIC, often experience uneven sequential quarterly revenues, and the December 31, 2006 and March 31, 2007 quarterly results are an example of this. Revenue recognition is dependent on a customer's acceptance of the equipment's performance. Delays in customer acceptance can significantly impact the amount of revenue recognized in a specific accounting period.
Order backlog as of March 31, 2007 was $2.9 million as compared to $3.5 million as of March 31, 2006 and $3.0 million as of December 31, 2006. Management remains optimistic regarding financial performance in 2007.
As previously announced, MFIC will hold an investor conference call 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: http://www.mficcorp.com later this week.
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. For more information please visit http://www.microfluidicscorp.com/
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Irwin Gruverman, CEO & Chairman
Robert P. Bruno, President & COO, or
Jack M. Swig, Investor Relations
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