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MagStar Technologies, Inc. Announces Third Quarter 2007 Results
Date:11/8/2007

HOPKINS, Minn., Nov. 8 /PRNewswire-FirstCall/ --

(Unaudited) (Unaudited)

For the three months ended For the six months ended

September 30, September 30,

2007 2006 2007 2006

Net sales $3,069,762 $2,315,781 $7,940,405 $7,836,896

Gross

profit 759,209 479,708 1,773,250 1,914,532

Net income (loss)

attributable to

common shareholders $68,969 $447,020 $(94,467) $867,252

The Company's net sales of $3,069,762 for the third quarter ended September 30, 2007 increased by 33% or $753,981 from $2,315,781 for the same period in 2006. The Company's net sales of $7,940,405 for the nine months ended September 30, 2007 increased by 1% or $103,509 from $7,836,896 for the same period in 2006. Gross profit was $759,209 or 25% for the third quarter ended September 30, 2007, compared to $479,708 or 21% for the same period in 2006. Selling, general and administrative expenses were $640,882 or 21% of net sales for the third quarter of 2007 compared to $(17,556) or (1)% of net sales for the same period in 2006. The increase for the quarter ended September 30, 2007 of $658,438 or 3,751% is due to a decrease in the recognized gain from the sale of building of $494,100, with the remaining increase of $164,338 primarily due to increased selling expenses attributable to commissions and travel, and increased administrative expenses due to legal and professional fees attributable to the filing of Schedule 13E-3 with the Securities and Exchange Commission in connection with a "going private" transaction. Net income attributable to common shareholders for the third quarter of 2007 was $68,969 or $0.01 per basic and diluted share, compared to a net income attributable to common shareholders of $44
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SOURCE MagStar Technologies, Inc.
Copyright©2007 PR Newswire.
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