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Memry Corporation FY 2007 Revenues $51.7M; Net Income $317,000 or $0.01 Per Share
Date:9/17/2007

oducts and arch wire and high pressure sealing plugs. This was partially offset with increased sales of etched wire-based stents and increased revenues from prototype development and research and development activities funded by our customers. In addition, a nitinol catheter product launched during the year generated new revenue. Gross margin in the nitinol products segment decreased to 30.2% in fiscal year 2007 from 36.1% in fiscal year 2006, primarily due to the contracted price reductions, reduced sales volume and resultant production variances.

"Polymer segment revenues for fiscal year 2007 were $15.8 million, the same level as in fiscal year 2006. Gross margins decreased to 36.1% in fiscal year 2007, versus 44.4% in fiscal year 2006, due to mix change and increased strategic investment in personnel and equipment to support future growth. We continue to invest in our polymer manufacturing operations because we believe this segment has attractive growth opportunities over the next several years. Although these investments will affect profitability in the short term, we are carefully building our business for the future. The polymer segment gross margins remained higher than those for nitinol. The polymer segment of our business represented 31% of consolidated revenue for the fiscal year 2007, just slightly up from a year ago," Belcher said.

Memry CFO Rick Sowerby added, "The company continues to be a strong cash generator. In fiscal year 2007 Memry produced $5.4 million in net cash from operating activities despite incurring incremental litigation and professional fees of $1.6 million. Days sales outstanding improved to 44 days at June 30, 2007 from 54 days at June 30, 2006, underscoring our ongoing effort to improve our business operations. As a percent of revenues, Adjusted EBITDA for the fiscal year 2007 was a strong 12.6%. The positive ongoing cash flow provides us with the means to continue to invest in growth opportunities."

Belcher said,
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SOURCE Memry Corporation
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