Q4 Nitinol and Polymer Sales Up From Q3
BETHEL, Conn., Sept. 17 /PRNewswire-FirstCall/ -- Memry Corporation (Amex: MRY), a leading provider of nitinol and polymer components to the medical device industry, reported today revenues of $51,677,000 for the fiscal year ended June 30, 2007 versus $52,588,000 in fiscal year 2006. Net income for fiscal 2007 was $317,000, or $0.01 per diluted share, compared with net income of $2,673,000, or $0.09 per diluted share, for the previous fiscal year.
For the fourth fiscal quarter ended June 30, 2007, revenues were $13,129,000, compared with $13,279,000 in the fourth fiscal quarter of 2006. Fourth quarter net income was $42,000, or $0.00 per diluted share, compared with net income of $887,000, or $0.03 per diluted share, in the comparable period of fiscal year 2006.
Memry Chief Executive Officer Robert Belcher said, "Although this has been an extremely difficult year for Memry, our fourth quarter financial results were stronger than we expected and, as we announced in our preliminary report last month, we believe Memry has turned the corner. In the fourth fiscal quarter both nitinol and polymer sales resumed growth on a sequential quarter basis. Thanks to our strong cash flow, total debt was reduced from $10.0 million a year ago to $1.6 million at June 30, 2007.
"We are encouraged with both the revenue and net income results achieved in the fourth quarter. Although modest, the $42,000 net income in the fourth quarter is the first positive net income quarter since the first quarter of the 2007 fiscal year.
"Our fourth quarter revenue results showed Memry is rebounding from the
weakness we experienced simultaneously in both our nitinol and p
|SOURCE Memry Corporation|
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