Mikron Infrared (NASDAQ:MIKR)
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Mikron Infrared, Inc. (NASD: MIKR) announced its
financial results for the first quarter of its fiscal year ending
October 31, 2006.
Mikron's first quarter sales and operating income were records for
the company. Sales of $8,343,001 for the first quarter of fiscal 2006
were 13% higher than the $7,363,417 of sales achieved during the same
quarter in fiscal 2005. Operating income increased from $1,071,771 in
the first quarter of fiscal 2005, to $1,328,259 for the first quarter
of fiscal 2006, a 24% quarter to quarter comparative increase. Both
basic and fully diluted earnings per share were $0.14 for the first
quarter of fiscal 2006, compared to $0.12 (basic) and $.11 (fully
diluted) EPS for the first quarter of fiscal 2005.
Gerry Posner, Mikron's President, commented that: "The first
quarter of fiscal 2006 was gratifying in that Mikron sustained strong
sales and operating profit performance. Mikron's European units
continued to outperform and North American operations had a solid
quarter as well. This resulted in an increase over the comparable
quarter last year of 13% in sales and 24% in operating income. We were
also pleased to see our gross margin increase from 54.4% in the first
quarter of fiscal 2005 to 54.8% in the first fiscal quarter of 2006.
This increase is attributed to product mix and a fuller absorption of
overhead at the higher sales level."
Dennis Stoneman, Mikron's Executive Vice President said: "The
acceptance rate of our new line of handheld thermal imagers has
continued to accelerate, and sales of fixed thermal imaging cameras
have been strong as well. The new 7500 fixed camera achieved some
significant orders during its introduction due to its exceptional
price/performance ratio."
Paul Kohmescher, Mikron's Chief Financial Officer stated: "In the
first quarter of fiscal 2006, Mikron continued to retire its long-term
debt, reducing it by over $560,000. The strong sales in the first
quarter in conjunction with a reduction of inventory has brought an
opportunity to continue our efforts started in fiscal 2005 to prepay
our long term debt and reduce interest expense."
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 ENDED 3 MONTHS ENDED
JANUARY 31, JANUARY 31,
2006 2005
----------------------------------------------------------------------
Revenues:
----------------------------------------------------------------------
Net Sales $8,343,001 $7,363,417
========== ==========
----------------------------------------------------------------------
Costs and Expenses
----------------------------------------------------------------------
Cost of goods sold 3,767,761 3,357,331
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Selling, General and Administrative 2,648,659 2,343,665
----------------------------------------------------------------------
Research, Development And Engineering 598,322 590,650
======= =======
----------------------------------------------------------------------
Total Costs and Expenses 7,014,742 6,291,646
========= =========
----------------------------------------------------------------------
Income from Operations 1,328,259 1,071,771
----------------------------------------------------------------------
Other Income (Expense):
----------------------------------------------------------------------
Interest (Net) (21,061) (68,546)
----------------------------------------------------------------------
Other (Expense) Income, net (1,370) 8,783
======= =====
----------------------------------------------------------------------
Net Income Before Income Taxes 1,305,828 1,012,008
----------------------------------------------------------------------
Income Tax Provision (523,245) (399,535)
========= =========
----------------------------------------------------------------------
Net Income 782,583 612,473
======= =======
----------------------------------------------------------------------
Net Income per Share-Basic $0.14 $0.12
===== =====
----------------------------------------------------------------------
Weighted Average Number of Shares-Basic 5,598,556 5,271,911
========= =========
----------------------------------------------------------------------
Net Income per Share-Diluted $0.14 $0.11
===== =====
----------------------------------------------------------------------
Weighted Average Number of Shares-Diluted 5,604,354 5,421,512
========= =========
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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 Annual Report on Form 10-KSB for the
year ended October 31, 2005. 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.