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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mocon, Inc. | NASDAQ:MOCO | 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% | 30.00 | 29.10 | 35.00 | 0 | 01:00:00 |
Highlights:
MOCON, Inc. (NASDAQ:MOCO), today reported financial results for the fourth quarter and full year ended December 31, 2014.
Commenting on the Company’s performance, MOCON’s president and CEO, Robert L. Demorest said, “We are very pleased with the fourth quarter and year end results. The double digit revenue growth in the fourth quarter and full year is driven by strong performance across all of our reporting segments which resulted in improved profitability, before the impact of a non-cash impairment charge, as well as in a strengthening of our balance sheet.”
Fourth Quarter Revenue and Earnings Summary
Fourth quarter 2014 results compared to fourth quarter 2013:
Full year 2014 results compared to full year 2013:
Revenue by Segment ($ in thousands)
Three Months Ended December 31, Twelve Months Ended December 31, Increase Increase 2014 2013 $ % 2014 2013 $ % Permeation $ 6,758 $ 5,845 $ 913 16 % $ 23,380 $ 21,395 $ 1,985 9 % Package Testing 6,750 6,265 485 8 % 28,071 25,241 2,830 11 % Industrial Analyzers and Other 3,430 2,673 757 28 % 13,024 10,472 2,552 24 % Total Revenue $ 16,938 $ 14,783 $ 2,155 15 % $ 64,475 $ 57,108 $ 7,367 13 %Revenue growth for the fourth quarter and full year of 2014 was attributable to strong performance across all of the Company's business segments. Year-over-year, the Permeation segment increased 16 percent in the fourth quarter and 9 percent for the full year, due primarily to steady demand outside of the United States for the recently introduced next generation instruments. The Package Testing segment grew 8 percent year-over-year in the fourth quarter of 2014 and 11 percent year-over-year for full year 2014, due primarily to improved shipments of leak detection and headspace analyzers in the food packaging industry. The Industrial Analyzer and Other segment grew 28 percent and 24 percent year-over-year for the fourth quarter and full year 2014, respectively. This strong demand was driven by oil and gas exploration and improved performance for the environmental monitoring and beverage gas analyzer markets.
Gross Profit and Operating Costs Commentary
Gross profit was 56 percent of revenue for the fourth quarter of 2014 which is consistent with the Company’s planned gross margin, compared to 51 percent for the fourth quarter of 2013. For the full year 2014, gross profit was 56 percent of revenue compared to 55 percent of revenue in 2013. Selling, general and administrative expenses were higher in the fourth quarter and year ended December 31, 2014 compared to the same periods in 2013 due primarily to increased commissions and headcount, as well as higher audit and SOX consulting fees.
Balance Sheet Summary
About MOCON
MOCON is a leading provider of detectors, instruments, systems and consulting services to research laboratories, production facilities, and quality control and safety departments in the medical, pharmaceutical, food and beverage, packaging, environmental, oil and gas and other industries worldwide. See www.mocon.com for more information.
Use of Non-GAAP Financial Measures
MOCON supplements its financial statements to provide investors with earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA plus share-based compensation, impairment and foreign currency transactional losses (“Adjusted EBITDA”), net income and net income per share before certain non-recurring charges (“Non-GAAP income”), which are not calculated in accordance with general accepted accounting principles (“GAAP”) in the United States of America.
MOCON believes that these non-GAAP measures provide useful information to the Company’s Board of Directors, management and investors regarding certain trends relating to its financial condition and operating performance. MOCON’s management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses and planning purposes.
The method MOCON uses to produce non-GAAP results is not computed according to GAAP, is likely to differ from the methods used by other companies and should not be regarded as a replacement for corresponding GAAP measures. MOCON urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.
Safe Harbor
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that can be identified by words such as “will,” “may,” “expect,” “believe,” “anticipate,” “estimate,” “continue,” “planned”, or other similar expressions. All forward-looking statements speak only as of the date of this press release. MOCON undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and the markets in which the Company competes, there are important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements made in this press release. These factors include, but are not limited to, the integration and performance of Dansensor, the terms of our credit agreement including financial covenants included therein, competition and technological change, setbacks in product development programs, order cancellations, dependence on certain key industries, pricing and lack of availability of raw materials, product pricing, crude oil pricing impact on oil exploration activities, and other factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and other documents MOCON files with or furnishes to the Securities and Exchange Commission.
MOCON's shares are traded on the NASDAQ Global Market System under the symbol MOCO.
MOCON is a registered trademark of MOCON, Inc.; other trademarks are those of their respective holders.
MOCON, INC. SUMMARY CONSOLIDATED FINANCIAL DATA (in Thousands, Except Per Share Data)STATEMENT OF OPERATIONS DATA: (unaudited)
Quarters Ended December 31, Year Ended December 31, 2014 2013 2014 2013 Revenue Products $ 13,312 $ 11,581 $ 50,694 $ 44,848 Services 2,674 2,305 10,658 9,126 Consulting 952 897 3,123 3,134 Total revenue 16,938 14,783 64,475 57,108 Cost of revenue Products 5,857 5,570 22,174 20,036 Services 1,054 1,132 4,188 3,936 Consulting 586 505 1,999 1,867 Total cost of revenue 7,497 7,207 28,361 25,839 Gross profit 9,441 7,576 36,114 31,269 Selling, general and administrative expenses 6,773 5,925 24,988 22,454 Research and development expenses 1,127 947 4,191 4,032Impairment of investment in affiliate
3,171 - 3,171 - Operating income (loss) (1,630 ) 704 3,764 4,783 Other expense, net (39 ) (73 ) (306 ) (359 ) Income (loss) before income taxes (1,669 ) 631 3,458 4,424 Income tax expense 364 197 1,922 963 Net income (loss) $ (2,033 ) $ 434 $ 1,536 $ 3,461 Net income (loss) per common share: Basic ($0.36 ) $ 0.08 $ 0.27 $ 0.62 Diluted ($0.36 ) $ 0.08 $ 0.27 $ 0.61 Weighted average common shares outstanding: Basic 5,696 5,572 5,665 5,545 Diluted 5,696 5,668 5,754 5,640CONDENSED BALANCE SHEET DATA: (unaudited)
December 31, 2014 December 31, 2013 Assets: Cash and marketable securities $ 6,332 $ 4,338 Accounts receivable, net 9,877 12,335 Inventories 8,705 7,471 Other current assets 2,587 3,426 Total current assets 27,501 27,570 Property, plant and equipment, net 5,562 5,727 Investment in affiliated company - 3,442 Goodwill, intangibles and other assets 19,446 21,965 Total assets $ 52,509 $ 58,704 Liabilities and Shareholders’ Equity: Revolving lines of credit $ 3,300 $ 4,264 Notes payable, current 983 2,698 Other current liabilities 11,166 9,973 Total noncurrent liabilities 2,587 4,300 Shareholders’ equity 34,473 37,469 Total liabilities and shareholders’ equity $ 52,509 $ 58,704CONDENSED CASH FLOW DATA: (unaudited)
December 31, 2014 December 31, 2013 Net cash provided by operations $ 9,670 $ 3,596 Net cash (used in) provided by investing activities (1,533 ) 3,195 Net cash used in financing activities (5,371 ) (5,151 ) Effect of exchange rate changes (567 ) 78 Net increase in cash 2,199 1,718 Cash beginning of year 4,133 2,415 Cash end of year $ 6,332 $ 4,133 MOCON, INC. NON-GAAP RECONCILIATION (in Thousands, Except Share Data) Quarters Ended December 31, Year Ended December 31, 2014 2013 2014 2013 Net income (loss) $ (2,033 ) $ 434 $ 1,536 $ 3,461 Interest expense, net 36 61 183 277 Income tax expense 364 197 1,922 963 Depreciation and amortization 631 638 2,555 2,433 EBITDA (1,002 ) 1,330 6,196 7,134 Share-based compensation 178 122 591 512 Impairment of investment in affiliate 3,171 - 3,171 - Foreign currency transaction loss (gain) 16 10 136 83 Adjusted EBITDA $ 2,363 $ 1,462 $ 10,094 $ 7,729 Net income (loss) $ (2,033 ) $ 434 $ 1,536 $ 3,461 Impairment of investment in affiliate 3,171 - 3,171 - Non-GAAP Income $ 1,138 $ 434 $ 4,707 $ 3,461 Net income (loss) per common share: Basic ($0.36 ) $ 0.08 $ 0.27 $ 0.62 Diluted ($0.36 ) $ 0.08 $ 0.27 $ 0.61 Weighted average common shares outstanding: Basic 5,696 5,572 5,665 5,545 Diluted 5,696 5,668 5,754 5,640 Non-GAAP income per common share: Basic $ 0.20 $ 0.08 $ 0.83 $ 0.62 Diluted $ 0.20 $ 0.08 $ 0.82 $ 0.61 Non-GAAP weighted average common shares outstanding: Basic 5,696 5,572 5,665 5,545 Diluted 5,789 5,668 5,754 5,640
MOCON, Inc.Elissa Lindsoe, 763-493-6370CFOwww.mocon.com
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