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

ll-time, internal personnel.  Year to date, the Company has invested approximately $1.3 million in new research and product development initiatives.  During the quarter, the Company capitalized $153,000 of software development expenses, compared to $216,000 for the same quarter last year.  Even though research and development expenses have decreased, the Company continues to invest in new product development to ensure that its future product pipeline remains robust.

Third quarter operating income improved to $669,000, compared to an operating loss of $276,000 in the 2012 third quarter. For the 2013 third quarter, the Company reported net income of $652,000, or $0.16 per diluted share, versus a net loss of $133,000, or ($0.03) per diluted share, in the 2012 third quarter.

Gregg O. Lehman, Ph D., president and chief executive officer of MGC Diagnostics, said, "I am pleased to report that we generated solid double-digit revenue growth and achieved the highest quarterly profit since the first quarter of fiscal 2007.  We grew across most revenue categories and geographies, with domestic and international revenue increasing 12% and 29%, respectively. Equipment, supplies and accessories revenue increased 12% and service revenue increased 29%. Gross margins improved for all revenue sources and operating expenses as a percent of revenue fell to 46.9% compared to 57.8% for last year's third quarter. These results are in line with our internal expectations and we look forward to continued improvements during the quarters ahead."

"Our initiative to obtain new sales from accounts held by our competition gained additional traction during the third quarter," continued Dr. Lehman. "For the first nine months of the fiscal year, we have converted 71 accounts that previously used equipment provided by our competitors, representing approximately $3.9 million of revenue.  We are pleased with this result because a large part of our growth st
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SOURCE MGC Diagnostics Corporation
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