"In direct support of our profitability goals, Microfluidics has strategically invested in necessary infrastructure while aggressively managing manufacturing and operating costs and quality to improve efficiency and reduce execution risk," said Peter Byczko, Vice President of Finance and Chief Accounting Officer. "We will monitor our cost structure on an ongoing basis while also preparing the Company for future growth with the introduction of three new products in the fourth quarter of 2009 and the first quarter of 2010."
Second Quarter Financial Results:
Revenues for the three months ended June 30, 2009 were $3.5 million, a decline of $900,000, or 21%, as compared to revenues of $4.4 million for the three months ended June 30, 2008. North American revenues increased 8% to $1.5 million, offset by a 35% decrease in foreign sales from $2.9 million to $1.9 million. The second quarter of 2008 had an abnormally high number of production machines sold in Europe to the pharmaceutical industry. Net loss, as measured under U.S. generally accepted accounting principles ("GAAP"), was $177,000, or $0.02 per diluted share, for the three months ended June 30, 2009 as compared to $790,000 net loss, or $0.08 per diluted share, for the same period in 2008.
EBITDA income was $48,000 for the three months ended June 30, 2009 compared with $756,000 EBITDA loss for the same period in 2008. EBITDA is a Non-GAAP financial measure. A reconciliation of GAAP net income to Non-GAAP EBITDA is provided in the financial tables that accompany this release and is discussed under the section below titled "Non-GAAP Financial Measures."
Year to Date Financial Results:
|SOURCE Microfluidics International Corporation|
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