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MGC Diagnostics Corporation Reports 2013 Third Quarter Operating Results
Date:8/29/2013

SAINT PAUL, Minn., Aug. 29, 2013 /PRNewswire/ -- MGC Diagnostics Corporation (NASDAQ: MGCD), a global medical technology company, today reported financial results for the third quarter ended July 31, 2013.

Third Quarter Highlights:

  • Robust third quarter revenue of $7.9 million, a 15% increase over the fiscal 2012 third quarter. Sequential quarterly revenue growth of 4.8% from the fiscal 2013 second quarter;
  • Net income for the third quarter of $652,000, or $0.16 per diluted share, compared to a net loss of $133,000, or ($0.03) per diluted share in the 2012 third quarter. Represents the highest net income result since the fiscal 2007 first quarter;
  • Third quarter service revenue increased 29% on a year-over-year basis, while service gross margin improved to 70.8%, compared to 65.3% in the fiscal 2012 third quarter;
  • Third quarter gross margin improved 170 basis points to 55.4%, compared to 53.7% in last year's third quarter;
  • The third quarter Attachment Rate of point-of-sale extended service contracts improved to 26%, compared to 3% in last year's third quarter;
  • Third quarter 2013 recurring revenue (service and supplies revenues) totaled $3.0 million, or 38% of total third quarter revenue;
  • Strong balance sheet with $8.8 million in cash and cash equivalents, $13.6 million of working capital and no long-term debt;
  • At October 31, 2012, the Company had federal net operating loss carry forwards of approximately $14.5 million that may be used to offset a portion of the Company's future tax liability.
  • Third quarter fiscal 2013 total revenues increased 15% to $7.9 million, compared to $6.9 million in the fiscal 2012 third quarter. Domestic 2013 third quarter sales increased 12% to $6.3 million, compared to $5.6 million in the 2012 third quarter, while international sales increased 29% to $1.6 mill
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    SOURCE MGC Diagnostics Corporation
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