Mikron Infrared (NASDAQ:MIKR)
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Mikron Infrared, Inc. (NASD: MIKR) announced its
financial results for the first six months and second quarter of its
fiscal year ending October 31, 2006.
Mikron's three and six month sales and operating income were
records for the company. Sales of $9,259,787 for the second quarter of
fiscal 2006 were 22% higher than the $7,599,721 of sales achieved
during the same quarter in fiscal 2005. Operating income increased by
54% to $1,575,839 in the second quarter of fiscal 2006, from
$1,021,786 in the second quarter of fiscal 2005.
Mikron's six month sales were $17,602,788 for fiscal year 2006
compared to $14,963,138 for same period in fiscal year 2005, for a
comparative 18% increase. The company posted a 39% increase in
operating income to $2,904,098 for the first six months of fiscal year
2006, compared to $2,093,557 for the comparable period in fiscal 2005.
Both basic and fully diluted earnings per share were $0.17 for the
second quarter of fiscal 2006, compared to $0.10 in the second quarter
of fiscal 2005. Basic and fully diluted earning per share were $0.31
for the first six months in fiscal year 2006, compared to $0.22 for
the comparable period in fiscal 2005.
Gerry Posner, Mikron's President, commented that: "I am pleased
with our second quarter performance which showed sustained strong
sales and operating profit performance. Mikron's North American
operations, which are experiencing an upward trend, outperformed the
solid second quarter results of Mikron's European unit. This resulted
in the significant increase over the comparable quarter last year in
sales and operating income.
Dennis Stoneman, Mikron's Executive Vice President said: "We have
seen an increase in interest in our thermal imaging cameras,
especially our newly introduced TH7800 and the TH7500 cameras. These
camera have allowed us to stay competitive in the thermal imaging
niche while increasing our sales."
Paul Kohmescher, Mikron's Chief Financial Officer stated: "Mikron
has continued to retire its long-term debt, reducing it by over
$750,000 in the second quarter, and by more than $1,300,000 during the
first half of fiscal 2006. Our strong cash position allowed us to
acquire Kleiber GmbH on May 01, 2006 while, at the same time, we paid
off all remaining debt related to the acquisition of IMPAC that we
made three and a half years ago. The payment schedule we negotiated
with the principals of Kleiber has enabled us to pay the approximately
$330,000 purchase price without utilizing any bank financing."
About Mikron Infrared, Inc.
Mikron Infrared, Inc., founded in 1969, is a developer,
manufacturer and marketer of infrared non-contact temperature
measurement devices, temperature sensors, calibration sources and
thermal imaging systems. Its executive offices and manufacturing
facilities are located at 16 Thornton Road, Oakland, NJ (Tel. No.
201-405-0900).
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Consolidated statements of operations
3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS
ENDED ENDED ENDED ENDED
APRIL 30, APRIL 30, APRIL 30, APRIL 30,
2006 2005 2006 2005
----------------------------------------------------------------------
Revenues:
Net Sales 9,259,787 $7,599,721 $17,602,788 $14,963,138
--------- ---------- ----------- -----------
Costs and Expenses
Cost of goods sold 4,245,159 3,460,325 8,012,920 6,817,656
Selling, General and
Administrative 2,834,666 2,497,904 5,483,325 4,841,569
Research, Development
And Engineering 604,123 619,706 1,202,445 1,210,356
--------- --------- ---------- ----------
Total Costs and Expenses 7,683,948 6,577,935 14,698,690 12,869,581
--------- --------- ---------- ----------
Income from Operations 1,575,839 1,021,786 2,904,098 2,093,557
Other Income (Expense):
Interest (Net) (10,313) (66,764) (31,374) (135,310)
Other (Expense)
Income, net 4,057 7,444 2,687 16,227
--------- --------- ---------- ----------
Net Income Before Income
Taxes 1,569,583 962,466 2,875,411 1,974,474
Income Tax Provision (600,408) (391,992) (1,123,654) (791,527)
--------- --------- ---------- ----------
Net Income 969,175 570,474 1,751,757 1,182,947
========= ========= ========== ==========
Net Income per Share-
Basic $0.17 $0.10 $0.31 $0.22
========= ========= ========== ==========
Weighted Average Number
of Shares-Basic 5,588,556 5,449,170 5,588,556 5,369,237
========= ========= ========== ==========
Net Income per Share-
Diluted $0.17 $0.10 $0.31 $0.22
========= ========= ========== ==========
Weighted Average Number
of Shares-Diluted 5,596,980 5,457,869 5,596,980 5,377,936
========= ========= ========== ==========
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FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Those
statements include but are not limited to statements regarding our
business strategy, marketing assumptions, product development, plans
concerning the commercialization of products, risks associated with
demand for and market acceptance of existing and newly developed
products as to which we have made significant investments, general
economic and industry conditions; competitive products and pricing
pressures and increased pricing pressures from our customers. Such
statements are not guarantees of future performance. They are subject
to certain risks, uncertainties and assumptions that are difficult to
predict, and that could cause actual results to differ materially from
those included in the forward-looking statements. Factors that could
affect the company's actual results include, but are not limited to,
the risks discussed in the company's Quarterly Report on Form 10-Q for
the quarter ended April 30, 2006. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only
as of the date of this release. The company undertakes no obligation
to update publicly any forward-looking statements to reflect the
occurrence of unanticipated events.