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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Intricon Corporation | NASDAQ:IIN | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 24.24 | 24.24 | 24.25 | 0 | 01:00:00 |
From Apr 2019 to Apr 2024
Company Delivers Continued Profitability, Secures Value Hearing Health Channel Partner
IntriCon Corporation (NASDAQ:IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, today announced financial results for its second quarter ended June 30, 2015.
Highlights:
Financial ResultsFor the 2015 second quarter, the company reported net sales of $17.1 million, compared to $17.5 million in the prior-year period. IntriCon posted net income of $506,000, or $0.08 per diluted share, versus net income of $813,000, or $0.13 per diluted share, for the 2014 second quarter.
“We are pleased with our second-quarter performance as we continue to deliver profitability while building infrastructure required to secure high-potential growth opportunities,” said Mark S. Gorder, president and chief executive officer of IntriCon. "While our Medical business fueled the sequential revenue growth, we made significant strides in our strategy to drive business in value hearing health by solidifying yet another prominent partner, AudioNova, to deliver high-quality, low-cost hearing devices to the European market.”
Gross profit margins were 26.8 percent compared to 27.3 percent in the prior-year second quarter. The decrease was primarily due to lower overall sales volumes.
Six-Month ResultsFor the 2015 six-month period, IntriCon reported net sales of $33.7 million and net income of $790,000, or $0.13 per diluted share. This compares to 2014 six-month net sales of $34.8 million and net income of $1.3 million, or $0.22 per diluted share. Included in 2014 six-month results was a net loss from discontinued operations of $270,000, or $0.05 per diluted share.
Gross profit margins decreased to 26.4 percent from 27.4 percent for the prior-year, six-month period. Again, this was primarily due to the second-quarter factors detailed above.
Business UpdateHearing health sales declined 12 percent during the second quarter from the prior-year quarter, primarily due to one-time decreases in the conventional hearing health channel. This was partially offset by gains in targeted value hearing health initiatives. While hearing health sales are down from the prior year, IntriCon remains focused on building the infrastructure required to secure other notable partners in the second half of 2015 and beyond, that can benefit from the outcomes-based hearing health model we offer. The company anticipates year-over-year hearing health sales gains driven by new value hearing health programs that are anticipated to ramp in the second half of 2015.
Said Gorder, “We continue to make strides in the value hearing health market. Through our new supply agreement, AudioNova will offer technically advanced hearing devices, manufactured by IntriCon. AudioNova's smartsound brand is based on IntriCon's Audion™ amplifier, and offers technically advanced features at value hearing health price points. AudioNova has begun rollout of the smartsound brand in the Netherlands and intends to expand the program to other targeted European countries in the future. IntriCon expects to begin shipping product in the third quarter.
“In addition, we continue to work with the United Kingdom’s National Health Service (NHS) on product approval, and just this week we received correspondence that the NHS Audiology Supplies Group (ASG) has completed their evaluation of our products and software. While we have yet to receive formal feedback, we are pleased with how our products and software preformed during the evaluation, and are encouraged by the informal feedback. We anticipate formal feedback in the third quarter. The NHS is widely seen as the most efficient hearing aid delivery system in the world, supplying an estimated 1.4 million hearing aids annually. We believe we are well positioned to serve their needs, and we’re developing new technologies to further enhance delivery efficiencies and product standards in the future.”
Sales in IntriCon’s medical business increased 8 percent in the 2015 second quarter, primarily driven by IntriCon’s largest customer, Medtronic. Sales to Medtronic for the second quarter were at record levels. The gains were driven by the MiniLink REAL-Time Transmitter and related accessories sales, which are incorporated in Medtronic’s MiniMed 530G insulin pump and continuous glucose monitoring system. IntriCon anticipates Medtronic revenue gains throughout 2015.
Second-quarter 2015 professional audio communication sales declined 16 percent from the prior-year period. The anticipated decrease was due to the conclusion of the company's Singapore Government contract in 2014. IntriCon will continue to leverage its core technologies in professional audio communication to support existing customers, as well as seek related hearing health and medical product opportunities.
Looking AheadConcluded Gorder, “I am encouraged with the progress we made in the first half of the year. We have focused a significant amount of resources advancing our technology portfolio, building our value hearing health infrastructure and securing key channel partners. With clear evidence of an emerging value hearing health market opportunity and new partnerships coming on board, coupled with our strong Medtronic business, we are well positioned for future growth. We expect our momentum to build throughout the year and are on track to achieve sequential revenue growth in the third quarter and higher sales year-over-year for 2015.”
Conference Call TodayAs previously announced, the company will hold an investment community conference call today, Thursday, August 6, 2015, beginning at 4 p.m. CT. Mark Gorder, president and chief executive officer, and Scott Longval, chief financial officer, will review second-quarter performance and discuss the company’s strategies. To join the conference call, dial: 1-888-632-3384 and provide the conference ID number 7820196 to the operator.
A replay of the conference call will be available three hours after the call ends through 7:00 p.m. CT on Thursday, August 20, 2015. To access the replay, dial 1-888-203-1112 and enter passcode: 7820196.
About IntriCon CorporationHeadquartered in Arden Hills, Minn., IntriCon Corporation designs, develops and manufactures miniature and micro-miniature body-worn devices. These advanced products help medical, healthcare and professional communications companies meet the rising demand for smaller, more intelligent and better connected devices. IntriCon has facilities in the United States, Asia and Europe. The company’s common stock trades under the symbol “IIN” on the NASDAQ Global Market. For more information about IntriCon, visit www.intricon.com.
Forward-Looking StatementsStatements made in this release and in IntriCon’s other public filings and releases that are not historical facts or that include forward-looking terminology are “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be affected by known and unknown risks, uncertainties and other factors that are beyond IntriCon’s control, and may cause IntriCon’s actual results, performance or achievements to differ materially from the results, performance and achievements expressed or implied in the forward-looking statements. These risks, uncertainties and other factors are detailed from time to time in the company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2014. The company disclaims any intent or obligation to publicly update or revise any forward-looking statements, regardless of whether new information becomes available, future developments occur or otherwise.
INTRICON CORPORATION Consolidated Condensed Statements of Operations (In Thousands, Except Per Share Amounts) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales, net $ 17,120 $ 17,507 $ 33,722 $ 34,817 Cost of sales 12,535 12,735 24,809 25,272 Gross profit 4,585 4,772 8,913 9,545 Operating expenses: Sales and marketing 898 891 1,885 1,898 General and administrative 1,733 1,616 3,442 3,240 Research and development 1,294 1,148 2,520 2,316 Restructuring charges - - - 83 Total operating expenses 3,925 3,655 7,847 7,537 Operating income 660 1,117 1,066 2,008 Interest expense (89 ) (125 ) (192 ) (263 ) Other income (expense) 12 (122 ) 148 (62 ) Income from continuing operations before income taxes and discontinued operations 583 870 1,022 1,683 Income tax expense 77 57 232 83 Income before discontinued operations 506 813 790 1,600 Loss on sale of discontinued operations - - - (120 ) Loss from discontinued operations, net of income taxes - - - (150 ) Net income $ 506 $ 813 $ 790 $ 1,330 Basic income (loss) per share: Continuing operations $ 0.09 $ 0.14 $ 0.14 $ 0.28 Discontinued operations - - - (0.05 ) Net income per share: $ 0.09 $ 0.14 $ 0.14 $ 0.23 Diluted income (loss) per share: Continuing operations $ 0.08 $ 0.13 $ 0.13 $ 0.27 Discontinued operations - - (0.05 ) Net income per share: $ 0.08 $ 0.13 $ 0.13 $ 0.22 Average shares outstanding: Basic 5,856 5,780 5,848 5,754 Diluted 6,242 6,081 6,229 5,973 INTRICON CORPORATION Consolidated Condensed Balance Sheets (In Thousands, Except Per Share Amounts)June 30,
December 31,2015
2014
(Unaudited) Current assets: Cash $ 273 $ 328 Restricted cash 612 640 Accounts receivable, less allowance for doubtful accounts of $115 at June 30, 2015 and $120 at December 31, 2014 7,785 7,673 Inventories 11,298 9,983 Other current assets 859 1,013 Total current assets 20,827 19,637 Machinery and equipment 36,768 35,104 Less: Accumulated depreciation 31,559 30,859 Net machinery and equipment 5,209 4,245 Goodwill 9,194 9,194 Investment in partnerships 332 387 Other assets, net 430 498 Total assets $ 35,992 $ 33,961 Current liabilities: Checks written in excess of cash $ 12 $ 516 Current maturities of long-term debt 1,894 1,886 Accounts payable 6,694 5,438 Accrued salaries, wages and commissions 2,294 2,519 Deferred gain 110 110 Other accrued liabilities 1,475 1,364 Total current liabilities 12,479 11,833 Long-term debt, less current maturities 5,076 4,627 Other postretirement benefit obligations 482 485 Accrued pension liabilities 685 741 Deferred gain - 55 Other long-term liabilities 94 113 Total liabilities 18,816 17,854 Commitments and contingencies Shareholders’ equity: Common stock, $1.00 par value per share; 20,000 shares authorized; 5,864 and 5,844 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively 5,864 5,844 Additional paid-in capital 17,303 16,939 Accumulated deficit (5,484 ) (6,274 ) Accumulated other comprehensive loss (507 ) (402 ) Total shareholders' equity 17,176 16,107 Total liabilities and shareholders’ equity $ 35,992 $ 33,961
View source version on businesswire.com: http://www.businesswire.com/news/home/20150806006346/en/
At IntriCon:Scott Longval, CFO, 651-604-9526slongval@intricon.comorAt PadillaCRT:Matt Sullivan, 612-455-1709matt.sullivan@padillacrt.com
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