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, 2005.
Mikron's six month sales and operating income were records for the
company. Sales were 23% higher, totaling $14,963,138 for the six
months ended April 30, 2005 compared to $12,173,605 of total sales
generated in the first six months of fiscal 2004. Operating income for
the six months ended April 30, 2005 was $2,093,557 (90% higher),
compared to $1,100,728 of operating income for the same six months of
fiscal 2004. Both basic and fully diluted earnings per share were $.22
for the first six months of fiscal 2005 compared to $.11 for the same
period in fiscal 2004.
Mikron's sales for the three months ended April 30, 2005 were
$7,599,721 (21% higher) compared to $6,277,212 for the same period in
2004. Operating income for the three months ended April 30, 2005 was
$1,021,786 (80% higher), compared to $568,367 for the same period in
2004.
Gerry Posner, Mikron's President, commented that, "this quarter is
a continuation of the last three quarters. We continue to see an
upsurge in sales in single point instruments in the US and our
European IMPAC companies. In particular we have seen increased
interest in our E2T line of products which addresses applications in
petroleum refineries. Most importantly we have maintained the improved
54.4 GP% that we attained last quarter which is a considerable
improvement over the gross profit percentage from last year (52.2% and
51.7% for the three and six months ended 4/30/04)."
Dennis Stoneman, Mikron's Executive Vice President added, "We had
a sales meeting at the end of April to introduce two new thermal
imaging cameras. The sales representatives were universally positive
about the new cameras which will be available for sale by mid-June. We
expect these new cameras to broaden our penetration into both the
periodic preventive maintenance and industrial thermal imaging
markets."
Paul Kohmescher, Mikron's CFO noted "that the Sarbanes-Oxley work
has begun and we are encouraged that the quarter's profits were
similar to last quarter's even with the additional expenses."
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)
-0-
*T
Consolidated statements of operations
For the three and six months ended April 30, 2005 and 2004
3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS
ENDED ENDED ENDED ENDED
APRIL 30, APRIL 30, APRIL 30, APRIL 30,
2005 2004 2005 2004
----------------------------------------------------------------------
Revenues:
----------------------------------------------------------------------
Net Sales $7,599,721 $6,277,212 $14,963,138 $12,173,605
----------------------------------------------------------------------
Costs and Expenses
----------------------------------------------------------------------
Cost of goods sold 3,460,325 2,999,226 6,817,656 5,879,639
----------------------------------------------------------------------
Selling, General and
Administrative 2,497,904 2,207,649 4,841,569 4,197,126
----------------------------------------------------------------------
Research, Development
And Engineering 619,706 501,973 1,210,356 996,112
----------------------------------------------------------------------
Total Costs and
Expenses 6,577,935 5,708,848 12,869,581 11,072,877
----------------------------------------------------------------------
Income from Operations 1,021,786 568,367 2,093,557 1,100,728
----------------------------------------------------------------------
Other Income (Expense):
----------------------------------------------------------------------
Interest Expense (66,764) (66,016) (135,310) (135,296)
----------------------------------------------------------------------
Other (Expense)
Income, net 7,444 (46) 16,227 (3,669)
----------------------------------------------------------------------
Net Income Before Income
Taxes 962,466 502,302 1,974,474 961,762
----------------------------------------------------------------------
Income Tax Provision (391,992) (189,567) (791,527) (367,114)
----------------------------------------------------------------------
Net Income 570,474 312,735 1,182,947 594,648
----------------------------------------------------------------------
Net Income per Share-
Basic $0.10 $0.06 $0.22 $0.11
----------------------------------------------------------------------
Weighted Average Number
of Shares-Basic 5,449,170 5,259,628 5,369,237 5,259,628
----------------------------------------------------------------------
Net Income per Share-
Diluted $0.10 $0.06 $0.22 $0.11
----------------------------------------------------------------------
Weighted Average Number
of Shares-Diluted 5,457,869 5,420,761 5,377,936 5,420,761
----------------------------------------------------------------------
*T
Safe Harbor Act Statement Under the Private Securities Litigation
Reform Act of 1995: -- Certain of the statements contained herein are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from those included in the forward-looking
statements. These statements are not guarantees of future performance
and are subject to certain risks, uncertainties and assumptions that
are difficult to predict. Factors that could effect 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, 2004. 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.