Hamilton Thorne Announces Record Second Quarter Sales and Fourth Consecutive Quarter of Net Income
Hamilton Thorne Ltd. (TSX VENTURE: HTL), a leading provider of precision laser devices and advanced image analysis systems for living cell applications in the fertility, stem cell and developmental biology research markets, today reported operational and financial results for the second quarter and six month period ended June 30, 2014.
The Company's strategy to focus on its core products in established markets has led to strong sales growth and a substantial turnaround in financial performance. Revenues increased 21% to $2.2 million in the second quarter, led by strong growth in sales of clinical laser systems and the continued growth of CASA image analysis products. Net income for the quarter-ended June 30, 2014 was $209,000 versus the ($13,600) net loss in the prior year quarter, an improvement of $223,000. EBITDA improved to $290,000 from $70,000.
David Wolf, Hamilton Thorne's President and CEO, commented, "With the accelerating growth in the human IVF market and the continued acceptance of our newest products in all markets, we expect sales growth to continue to be strong for the balance of the year. With four consecutive quarters of net income and the Company consistently generating positive cash from operations, we are well positioned to continue investing for growth."
Three and Six Month Periods Ending June 30 Three Months Six Months Statement of Operations 2014 2013 2014 2013 ---------- ---------- ---------- ---------- Sales $2,214,501 $1,827,284 $4,179,784 $3,568,582 Gross profit 1,439,486 1,072,098 2,656,344 2,145,839 Operating expenses 1,169,528 1,020,927 2,282,064 2,147,292 Operating income (loss) 269,958 51,171 374,280 (52,624) Net income (loss) 209,392 (13,594) 264,146 (134,906) EBITDA 289,889 69,771 414,142 35,747 Basic earnings (loss) per share $ 0.004 $ (0.000) $ 0.005 $ (0.003) Diluted earnings (loss) per share $ 0.004 $ (0.000) $ 0.005 $ (0.003)
All amounts are in US dollars, unless specified otherwise, and results, with the exception of EBITDA, are expressed in accordance with the International Financial Reporting Standards ("IFRS").
-- For the six-months ended June 30, 2014 revenues were $4.2 million a 17% increase over the prior year period. Net income for the six-months ended June 30, 2014 was $264,000 versus the ($135,000) net loss in the prior year period, an improvement of $399,000. EBITDA improved to $414,000 from $36,000. -- Cash on hand improved to $608,000, up $158,000 for the year to date. Cash generated by operations improved to $140,000 for the quarter and $245,000 for the year, the fourth consecutive quarter of positive cash generation. -- In June, the Company introduced a new suite of service offerings. Service revenues in the second quarter increased by approximately 100%, reflecting the Company's increased emphasis on service programs.
The Company also announced that on August 21, 2014, the board of Directors appointed David Wolf to serve as a member of the Audit Committee.
Financial statements and accompanying Management Discussion and Analysis for the periods are available on www.sedar.com and the Hamilton Thorne website.
About Hamilton Thorne Ltd. (www.hamiltonthorne.com)
Hamilton Thorne designs, manufactures and distributes precision laser devices and advanced imaging systems for the fertility, stem cell and developmental biology research markets. It provides novel solutions for Life Science that reduce cost, increase productivity, improve results and enable research breakthroughs in regenerative medicine, stem cell research and fertility markets. Hamilton Thorne's laser products attach to standard inverted microscopes and operate as robotic micro-surgeons, enabling a wide array of scientific applications and IVF procedures. Its imaging systems improve outcomes in human IVF clinics and animal breeding facilities and provide high-end toxicology analyses.
Hamilton Thorne's growing customer base includes pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, and other commercial and academic research establishments worldwide. Current customers include world-leading research labs such as Harvard, MIT, Yale, McGill, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, and Oxford and Cambridge.
Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.
The Company has included earnings before interest, income taxes, depreciation and amortization, ("EBITDA") as a non-IFRS measure, which is used by management as a measure of financial performance. See section entitled "Use of Non-IFRS Measures" in the Company's Management Discussion and Analysis for the periods covered for further information.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not be able to obtain the necessary regulatory approvals, as applicable. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com
For more information, please contact: David Wolf President & CEO Hamilton Thorne Ltd. 978-921-2050 Email Contact Michael Bruns CFO Hamilton Thorne Ltd. 978-921-2050 Email Contact
SOURCE: Hamilton Thorne