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OICO O. I. Corp. (MM)

11.97
0.00 (0.00%)
26 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
O. I. Corp. (MM) NASDAQ:OICO 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% 11.97 0 01:00:00

O.I. Corporation Announces Results for First Quarter of 2010 and Second Quarter Dividend

29/04/2010 12:45am

Marketwired


O. I. Corp. (MM) (NASDAQ:OICO)
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O.I. Corporation (NASDAQ: OICO) today announced its results for the three months ended March 31, 2010. These results are summarized below.

The limited information contained in this press release is not adequate information upon which to make an informed investment decision. Accordingly, we urge investors to read our Annual Report on Form 10-K for the year ended December 31, 2009 which we filed with the Securities Exchange Commission (SEC) on March 15, 2010. Additional information regarding our first quarter performance will be available in our Quarterly Report on Form 10-Q which we expect to file with the SEC on or before May 14, 2010. This document will be available on our website at www.oico.com/oicorp and the SEC's website at www.sec.gov.


                       O.I. CORPORATION
                     FINANCIAL HIGHLIGHTS
      (in thousands, except earnings per share amounts)

                                                  Three Months Ended
                                                       March 31
                                                   ----------------
                                                     2010    2009
                                                   -------  -------
Net revenues                                       $ 5,532  $ 4,621
                                                   -------  -------
Operating income (loss)                                431     (752)
                                                   -------  -------
Income before income taxes                             445     (740)
                                                   -------  -------
Benefit/(provision) for income taxes                  (140)     244
                                                   -------  -------
Net income                                             305     (496)
                                                   -------  -------

                                                   -------  -------
Basic earnings per share                              0.13    (0.21)
                                                   -------  -------
Diluted earnings per share                            0.13    (0.21)
                                                   -------  -------




Balance Sheet Data
                                                    March 31,  December 31,
Assets                                                2010        2009
                                                  ------------ ------------
Cash and investments                              $      4,145 $      4,614
Accounts receivable                                      5,233        4,371
Inventories                                              5,403        5,657
Other current assets                                     1,693        1,828
                                                  ------------ ------------
  Total current assets                                  16,474       16,470

Long-term assets                                         4,019        4,117
                                                  ------------ ------------
  Total assets                                    $     20,493 $     20,587
                                                  ============ ============

Liabilities and Stockholders' Equity
                                                  ------------ ------------
Total liabilities                                 $      2,577 $      2,895

Stockholders' equity:                                   17,916       17,692
                                                  ------------ ------------
  Total liabilities and stockholders' equity      $     20,493 $     20,587
                                                  ============ ============

Selected Data

The following table provides additional information regarding free cash flow, a non-GAAP measure, and book value per share.

                                                    Three Months Ended
                                                  March 31,     March 31,
              $(000)                                2010          2009
                                                ------------  ------------
Net income                                      $        305  $       (496)
Net interest income                                      (13)          (12)
Tax expense (benefit)                                    140          (244)
Depreciation/amortization expense                        122           139
                                                ------------  ------------
  EBITDA                                                 554          (613)

Capital expenditures                                     (31)          (35)
                                                ------------  ------------
  Free cash flow                                $        523  $       (648)
                                                ============  ============

Period end Shares Outstanding                      2,365,045     2,352,426
Period end Book Value per share                 $       7.58  $       7.39
                                                ============  ============

Second Quarter Dividend

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.05 per common share payable on June 1, 2010 to shareholders of record at the close of business on May 14, 2010.

About O.I. Corporation:

O.I. Corporation, dba OI Analytical, develops, manufactures, sells, and services analytical instrumentation that detects, measures, analyzes, and monitors chemicals in liquids, solids, and gases. Providing products used to digest, extract, and separate components of chemical mixtures, the Company designs application-specific solutions for various industries including environmental testing, defense, and petrochemical. Headquartered in College Station, Texas, the Company's products are sold worldwide.

Visit the Company's web site at: http://www.oico.com

Investor Relations: Bruce Lancaster Chief Executive Officer & Chief Financial Officer 979.690.1711

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