Microfluidics International Corporation Announces Third Quarter 2009 Financi...(mber 30 2009 were $4.5 million an increa...)

Date:11/2/2009

mber 30, 2009 were $4.5 million, an increase of $1.0 million, or 27%, as compared to revenues of $3.5 million for the three months ended September 30, 2008. North American revenues were $3.2 million, an increase of 63% as compared to $2.0 million in the third quarter of 2008. The increase in North America was offset by a 19% decrease in foreign sales from $1.5 million for the third quarter of 2008 to $1.3 million for the third quarter of 2009. Our gross margin increased to 66% in the third quarter of 2009. This increase is attributable to pricing actions taking effect and appropriately adjusting our pricing to cover additional services requested by our customers. Net income was $425,000, or $0.04 per diluted share, for the three months ended September 30, 2009 as compared to a net loss of $1.1 million, or $0.10 per diluted share, for the same period in 2008.

EBITDA was $650,000 for the three months ended September 30, 2009 compared with a $930,000 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:

Revenues for the nine months ended September 30, 2009 were $11.5 million, an increase of $83,000, or 1%, as compared to revenues of $11.4 million for the nine months ended September 30, 2008. Net loss was $442,000, or $0.04 per diluted share, for the nine months ended September 30, 2009 as compared to $2.3 million net loss, or $0.22 per diluted share, for the same period in 2008.

EBITDA was $230,000 for the nine months ended September 30, 2009 compared with $2.1 million EBITDA loss for the same period in 2008.

Live Webcast:

Microfluidics International Corporation will host a webcast on Monday, November 2, 2009 at 4:30 p.m. Eastern T
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SOURCE Microfluidics International Corporation Copyright©2009 PR Newswire. All rights reserved

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