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Forgot to post here- I dumped my position on 6 Aug (along with several other stocks). GLTY- I'm out
here we are about one year later, and getting some serious selling pressure today. I'm about to give up on this one
interesting that in May- most of the management was bailing on the stock:
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001193125%2D07%2D122681%2Etxt&FilePath...
Yet- some of them took options at 1.63 this week:
http://www.nasdaq.com/asp/Holdings.asp?symbol=MRY&selected=MRY&page=holdingssummary
I wonder is there is going to be a shake up in the management down the road?
Bought a little more with some spare change this morning at 1.55
Memry Corporation Introduces New V2 Ultra Small Diameter Nitinol Tubing
Monday June 25, 10:00 am ET
Flexible Shape Memory Tubing Aimed at Medical Device Market
BETHEL, Conn., June 25 /PRNewswire-FirstCall/ -- Memry Corporation (Amex: MRY - News), a leading supplier of advanced material components to the medical device industry, announced today the launch of its V2 Nitinol tubing, the company's cleanest, smoothest and smallest diameter tubing.
ADVERTISEMENT
The V2 Nitinol tube is the smallest diameter tube Memry manufactures, developed specifically for tubing sizes below .020-inch ID. It combines the dynamic superelastic properties of Nitinol with diameter sizes that facilitate further upstream anatomy procedural capabilities.
The introduction of the V2 Tubing Line provides customers with a high-end brand identity distinct from Memry's traditional tubing capabilities.
Robert Belcher, CEO of Memry Corporation, said, "Memry is always striving to meet the rapidly changing needs of today's medical manufacturers. Our new V2 Nitinol tubing is available in a wide range of smaller diameters and also features thermal shape memory to more than exceed our customers' stringent needs. This tubing is so small that to the naked eye it is hard to believe it is actually tubing and not wire."
Dean Tulumaris, president and COO added, "This new tubing line will support our customers and end users in the healthcare field by facilitating access to treatment sites further upstream in anatomical procedures, including, but not limited to neurological and small vessel applications."
"We strive to produce the highest quality advanced materials -- and ultimately superior components -- for our medical device customers," Tulumaris continued. "Our commitment to advancing our Nitinol tubing products will result in expanded capabilities for our customers and for surgical treatments utilizing our products."
Photos of the V2 tubing can be seen at
http://www.hawkassociates.com/mrymore.aspx.
About Memry Corporation
Memry Corporation provides design, engineering, development and manufacturing services to the medical device and other industries using the company's proprietary shape memory alloy and polymer extrusion technologies. Medical device products include stent components, catheter components, guidewires, laparoscopic surgical sub-assemblies and orthopedic instruments as well as complex, multi-lumen, multi-layer polymer extrusions used for guidewires, catheters, delivery systems and various other high-end interventional medical devices. Detailed information about Memry Corporation can be found at http://www.memry.com.
An investment profile on Memry may be found at http://www.hawkassociates.com/mryprofile.aspx.
For more information, contact Memry Chief Financial Officer and Treasurer Richard F. Sowerby at (203) 739-1100, e-mail: Richard_Sowerby@Memry.com, or Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com. Copies of Memry Corporation press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com. To receive future releases via e-mail, sign up at http://www.hawkassociates.com/email.aspx.
This release contains certain forward-looking statements that involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.
--------------------------------------------------------------------------------
Source: Memry Corporation
Working a fib retracement- shows possible buy at 1.30ish.
I would guess these guys are liquidating there position:
Signia Capital Management, LLC
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,179,538
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001131908%2D07%2D000011%2Etxt&FilePath...
It will take a while to sell off 3mil shares, and may be a while before the pps recovers.
Also- this is hanging over the stock:
This prospectus relates to the resale of up to 8,600,004 shares of our common stock
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001193125%2D07%2D122681%2Etxt&FilePath...
Someone is really killing the pps here. Setting a new 52-week low, and no buy signals yet :(
Still holding, and plan to add if the charts show me the way <bg>.
Dutton Associates Announces Investment Opinion: Memry Neutral Rating Maintained In Update Coverage By Dutton Associates
Friday May 25, 12:00 pm ET
EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Dutton Associates updates its coverage of Memry Corporation (AMEX:MRY - News) maintaining a Neutral rating. The 13-page report by Dutton senior analyst Sally H. Wallick, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.
ADVERTISEMENT
Memry Corporation markets products using the Company's proprietary shape memory alloy (SMA) and polymer-extrusion technologies. Memry's principal SMA is a nickel-titanium alloy called nitinol. Approximately 95% of the Company's sales are to the medical device industry. Memry reported a 12.7% decline in third quarter fiscal 2007 revenue to $12.2 million and a net loss of $460,000, or $0.02 per share, compared with net income of $1.52 million, or $0.05 per share, in the third quarter of fiscal 2006. Third quarter results fell short of our estimate mainly because of lower-than-projected revenue and higher-than-projected operating expenses. In discussing the outlook for the balance of fiscal 2007, Memry's management cautioned that it expects weakness in the Company's nitinol and polymer revenue to continue in the fourth quarter, although it looks for a more moderate drop in polymer products segment revenue year over year than in the third quarter. On a positive note, management expects new product initiatives to begin to benefit the Company late in calendar 2007 and during 2008, contributing to a resumption of revenue growth and margin expansion in fiscal 2008, especially in the second half. We project breakeven results for Memry in fiscal 2007 and a $0.03 per share profit in fiscal 2008, excluding acquisitions. We believe that Memry's long-term prospects are bright for the reasons detailed in a Dutton Associates report dated October 26, 2006.
About Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
The cost of enrollment in our one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $67,950 from the Company for 8 Research Reports with coverage commencing on 9/09/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
Contact:
Dutton Associates
John M Dutton, 916-941-8119
--------------------------------------------------------------------------------
Source: Memry Corporation
Memry Corporation Reports Q3 FY '07 Revenues $12.2M; Net Loss $460,000 or $0.02 Per Diluted Share
Wednesday May 9, 4:39 pm ET
Nine Month FY '07 Revenues $38.5M; Net Income $275,000 or $0.01 Per Diluted Share
BETHEL, Conn., May 9 /PRNewswire-FirstCall/-- Memry Corporation (Amex: MRY - News) reported today that revenues for the third fiscal quarter ended March 31, 2007 were $12,212,000, compared to $13,993,000 reported in the third quarter a year ago. The company reported a net loss of $460,000, or $0.02 per diluted share in the third fiscal quarter, compared with net income of $1,521,000, or $0.05 per diluted share in the same quarter of last fiscal year. The company reported a third quarter operating loss of $561,000 versus operating income of $2,510,000 in last year's third fiscal quarter.
Revenues for the first nine months of the 2007 fiscal year were $38,548,000, compared with $39,309,000 in the first nine months of FY '06. Net income for the first nine months of FY '07 was $275,000 or $0.01 per diluted share, compared with $1,786,000 or $0.06 per diluted share, for the same period in FY '06. Operating income for the first nine months of FY '07 was $1,001,000, compared with $3,675,000 in the first nine months of FY '06.
Memry Chief Executive Officer Robert Belcher said, "We experienced declines in revenues from both the nitinol and polymer segments during the third quarter on a year over year basis. Revenues for the nitinol segment declined 9% or $894,000, to $9,041,000 in the third quarter of fiscal 2007 from $9,935,000 during the same period in fiscal 2006. This decrease was primarily due to contractually established price reductions for certain products, combined with unit volume decreases in older generation stent components. In addition, we had anticipated reductions in shipments of superelastic nitinol tube, nitinol tube-based stent components and endocatch products. Partially offsetting this decrease was increased revenue from prototype development, research and development activities and a new product launch by one of Memry's customers. Looking forward, we expect overall nitinol stent component revenues for the remainder of fiscal 2007 to experience some decline from their revenues in fiscal 2006 due to customer supply chain changes and continued pricing pressure. Revenue contributions from prototyping development and new product introductions are anticipated to help mitigate this decline over the same period and represent important initiatives to help us resume higher margin, long-term growth in the nitinol segment by the end of the calendar year.
"Revenues from the polymer segment declined during the quarter by 21% to $3,273,000 from $4,146,000 during the same quarter a year ago, due primarily to decreased shipments of catheter products to several customers. One customer, in particular, upon discovering excess inventory, significantly reduced its requirements from a year ago. A slow recovery is anticipated, but shipments will not reach the levels of last year. Our polymer business accounted for 27% of total revenues in the quarter, down from 30% of total revenues for the same period a year earlier. Despite the decline in segment revenues in the quarter, we will continue to invest in our polymer manufacturing operations. We remain optimistic about numerous opportunities in the polymer market and believe the investments we are making will assist us from experiencing order declines similar to what we experienced this quarter.
"During the quarter we expanded our program of soliciting promising acquisition candidates. We expressed our interest in targeting companies providing complementary high value-added technologies and services within the minimally invasive endoluminal and catheter-based market segments to over two hundred investment banks and private equity firms. We are pleased with the responses we have received and intend to continue to qualify the most promising candidates. While this represents a more aggressive acquisition strategy, we remain committed to a disciplined review of all candidates with the goal of ensuring that they meet strict operational and financial criteria and that they can be acquired at a price we believe to be fair. We look forward to keeping our shareholders informed of these efforts over the coming months," Belcher said.
Chief Financial Officer Richard Sowerby said, "As a percentage of revenues, adjusted EBITDA was 9.8% in the third quarter of '07, compared with 23.4% in the comparable quarter a year ago. The adjusted EBITDA performance indicates our sensitivity to unit sales variability in both the nitinol and polymer products segments. We also saw an increase in operating expenses of $741,000 or 22%, to $4,108,000 compared to $3,367,000 in the third quarter of 2006. This was due primarily to rising administration costs related to litigation expenses and professional fees for legal and accounting services for Sarbanes-Oxley Section 404 compliance. We anticipate these increased expenses to continue in the fourth fiscal quarter.
"Despite a net loss for the quarter, Memry continued to generate positive cash flow from operations and further improved its balance sheet. In March, we prepaid the entire $1,569,000 outstanding principal balance on our term loan facility. In April, we also retired our higher cost subordinated debt balance of $5,154,000. We estimate this will save the company $50,000 per month in net interest expense.
"Though not without challenges in the short-term, we believe that Memry is well-prepared from a financial perspective to support our efforts to stabilize our revenues as we continue to position the company for sustainable long-term growth," Sowerby said.
A copy of the financial statements follows.
The company will host a conference call with CEO Robert Belcher and senior members of the management team on Thursday, May 10 at 11 a.m. Eastern. The call will cover Memry's third quarter fiscal 2007 earnings. Belcher will open the conference call, followed by a question-and-answer session.
To participate in this call, dial (877) 407-8031 any time after 10:55 a.m. Eastern on May 10. International callers should dial (201) 689-8031.
About Memry Corporation
Memry Corporation provides design, engineering, development and manufacturing services to the medical device and other industries using the company's proprietary shape memory alloy and polymer extrusion technologies. Medical device products include stent components, catheter components, guidewires, laparoscopic surgical sub-assemblies and orthopedic instruments as well as complex, multi-lumen, multi-layer polymer extrusions used for guidewires, catheters, delivery systems and various other high-end interventional medical devices.
An investment profile on Memry may be found at http://www.hawkassociates.com/mryprofile.aspx.
For more information, contact Memry Chief Financial Officer and Treasurer Richard F. Sowerby at (203) 739-1100, e-mail: Richard_Sowerby@Memry.com, or Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e- mail:info@hawkassociates.com. Detailed information about Memry Corporation can be found at http://www.memry.com. Copies of Memry Corporation press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com. To receive future releases via e-mail, sign up at http://www.hawkassociates.com/email.aspx.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission. In this release, the company refers to EBITDA and Adjusted EBITDA, financial measures that are not recognized under accounting principles generally accepted in the United States of America (GAAP). The company defines EBITDA as earnings before income taxes, interest expense, net, depreciation and amortization. The company defines Adjusted EBITDA as EBITDA further adjusted to exclude material non-cash items and items that may be infrequent in occurrence or, in management's view, not indicative of the company's continuing operating performance and cash flows. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income, operating income, cash flows from operations or other traditional indications of a company's operating performance or liquidity that are derived in accordance with GAAP. In addition, the company's calculations of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures being disclosed by other companies, limiting their usefulness as comparative measures. The company discloses EBITDA and Adjusted EBITDA as each is a commonly referred to financial metric used in the investing community to evaluate the performance of companies in our industry. The company believes that disclosure of EBITDA and Adjusted EBITDA is helpful to those reviewing its performance, as EBITDA and Adjusted EBITDA provide information on the company's ability to meet debt service, capital expenditure and working capital requirements, and management believes that EBITDA and Adjusted EBITDA are also useful indicators of the company's operating performance. We present Adjusted EBITDA as a percentage of revenues because management believes it is a useful indicator of the company's operating performance.
Memry Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, June 30,
2007 2006
ASSETS
Current assets
Cash and cash equivalents $6,757,000 $6,965,000
Accounts receivable, less allowance
for doubtful accounts 6,619,000 8,156,000
Inventories 5,795,000 5,418,000
Deferred tax asset 1,663,000 1,663,000
Prepaid expenses and other current assets 434,000 41,000
Total current assets 21,268,000 22,243,000
Property, plant and equipment 24,226,000 22,588,000
Less accumulated depreciation (15,325,000) (13,592,000)
8,901,000 8,996,000
Other assets
Intangible assets, less accumulated
amortization 6,668,000 7,171,000
Goodwill 14,146,000 14,146,000
Deferred financing costs, less accumulated
amortization 229,000 355,000
Investment 409,000 409,000
Deferred tax asset 1,694,000 1,821,000
Deposits and other assets 156,000 159,000
Total other assets 23,302,000 24,061,000
TOTAL ASSETS $53,471,000 $55,300,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $5,358,000 $5,478,000
Notes payable 6,094,000 2,173,000
Income tax payable 78,000 215,000
Total current liabilities 11,530,000 7,866,000
Notes payable, less current maturities 667,000 7,818,000
Other non-current liabilities 123,000 116,000
Stockholders' equity
Common stock 298,000 291,000
Additional paid-in capital 56,315,000 54,946,000
Accumulated deficit (15,462,000) (15,737,000)
Total stockholders' equity 41,151,000 39,500,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $53,471,000 $55,300,000
Memry Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three Months and Nine Months Ended March, 2007 and 2006
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2007 2006 2007 2006
Revenues $12,212,000 $13,993,000 $38,548,000 $39,309,000
Cost of revenues 8,665,000 8,116,000 25,850,000 23,728,000
Gross profit 3,547,000 5,877,000 12,698,000 15,581,000
Operating expenses
Research and
development 247,000 427,000 1,077,000 1,494,000
General, selling and
administration,
including separation
charges of $1,130,000
in 2006 3,765,000 2,892,000 10,297,000 10,112,000
Amortization of
intangible assets 126,000 126,000 378,000 378,000
Other (30,000) (78,000) (55,000) (78,000)
4,108,000 3,367,000 11,697,000 11,906,000
Operating income
(loss) (561,000) 2,510,000 1,001,000 3,675,000
Loss on extinguishment
of debt (44,000) -- (44,000) --
Interest
Expense (296,000) (289,000) (868,000) (941,000)
Income 97,000 37,000 295,000 135,000
(199,000) (252,000) (573,000) (806,000)
Income (loss) before
income taxes (804,000) 2,258,000 384,000 2,869,000
Provision for (benefit
from)income taxes (344,000) 737,000 109,000 1,083,000
Net income (loss) $(460,000) $1,521,000 $275,000 $1,786,000
Net income (loss) per
common share
Basic $(0.02) $0.05 $0.01 $0.06
Diluted $(0.02) $0.05 $0.01 $0.06
Weighted average common
shares used in
calculation
Basic 29,729,648 28,829,851 29,481,312 28,740,007
Diluted 29,729,648 29,395,809 29,926,101 29,434,248
Memry Corporation and Subsidiaries
Condensed Segment Data
For the Three Months and Nine Months Ended March 31, 2007 and 2006
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2007 2006 2007 2006
Revenues
Nitinol Products $9,041,000 $9,935,000 $26,795,000 $27,989,000
Polymer Products 3,273,000 4,146,000 11,888,000 11,521,000
Eliminations (102,000) (88,000) (135,000) (201,000)
Consolidated $12,212,000 $13,993,000 $38,548,000 $39,309,000
Gross profit
Nitinol Products $2,636,000 $4,063,000 $8,287,000 $10,370,000
Polymer Products 911,000 1,814,000 4,411,000 5,211,000
Consolidated $3,547,000 $5,877,000 $12,698,000 $15,581,000
Memry Corporation and Subsidiaries
EBITDA and Adjusted EBITDA
For the Three Months and Nine Months Ended March 31, 2007 and 2006
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
2007 2006 2007 2006
Revenues $12,212,000 $13,993,000 $38,548,000 $39,309,000
Net Income (Loss) $(460,000) $1,521,000 $275,000 $1,786,000
Income Taxes (344,000) 737,000 109,000 1,083,000
Interest Expense, Net 199,000 252,000 573,000 806,000
Depreciation 616,000 549,000 1,740,000 1,604,000
Amortization (a) 168,000 168,000 503,000 503,000
EBITDA 179,000 3,227,000 3,200,000 5,782,000
CEO Separation Charges --- --- --- 1,130,000
Stock-based Compensation
(b) 3,000 49,000 384,000 441,000
Incremental Professional
Fees (c) 967,000 --- 1,563,000 ---
Loss on Extinguishment
of Debt (d) 44,000 --- 44,000 ---
Adjusted EBITDA $1,193,000 $3,276,000 $5,191,000 $7,353,00
Adjusted EBITDA as a
% of Revenues 9.8% 23.4% 13.5% 18.7%
a) Amortization excludes the amortization of deferred financing costs,
which is included in interest expense, net.
b) Stock-based compensation represents non-cash items. Effective July 1,
2005, the Company adopted SFAS No. 123®, 'Share-Based Payment.'
c) Incremental professional fees are 1) excess litigation fees and 2)
professional fees related to the voluntary implementation of Sarbanes-
Oxley Section 404 compliance.
d) The loss on the extinguishment of debt represents the write-off of
unamortized deferred financing costs on the prepayment of a portion of
the Company's bank term loans.
--------------------------------------------------------------------------------
Source: Memry Corporation
MRY: This one isn’t widely followed, but does have an analysis covering. They predicted -.01 going into next quarter, so any positive should propel the pps upward, imo. The baby boomers are not getting younger, and dental costs are rising, so I think MRY is positioned to provide the tools the dentists need to support the growing demand. Recently beat up by losing market share of a major customer, but used proceeds to hammer away debt, that I think will show positively this summer.
Memry Corporation engages in the design, development, manufacture, and marketing of products and components primarily for the medical device industry. It operates through two segments, Nitinol Products and Polymer Products.
Market Cap: 58.26M
P/E (ttm): 18.49
EPS (ttm): 0.11
Qtrly Revenue Growth (yoy): -1.10%
Shares Outstanding: 29.72M
Float: 23.98M
% Held by Insiders4: 29.66%
% Held by Institutions4: 19.40%
Shares Short (as of 10-Apr-07)3: 11.31K
http://www.investorshub.com/boards/read_msg.asp?message_id=19363782
Doubled my position at $2.01 on 19 April. nothing much to report on them, other than the 1.90ish support held.
Dutton posted an update note concerning the lawsuit recently:
http://www.jmdutton.com/research/mry/notes/mry_note_042707.pdf
All there reports on MRY are on this link:
http://www.jmdutton.com/research/MRY/index.html
Looks like a bottom has been established in the 1.90s. May be the beginning of a trend reversal here?
You buying here? up 12%, lol.
MEMRY CORPORATION (AMEX:MRY) Delayed quote data
Last Trade: 2.20
Trade Time: 4:03PM ET
Change: 0.25 (12.82%)
Volume: 390,800
Avg Vol (3m): 70,037.1
http://finance.yahoo.com/q?s=MRY
Dutton Associates Announces Investment Opinion: Memry Lowered to Neutral Rating in Update Coverage by Dutton Associates
Wednesday September 13, 12:15 pm ET
http://biz.yahoo.com/bw/060913/20060913005470.html?.v=1
Coming back now if you are going to play it:
MEMRY CORPORATION
Price: 1.85 0.12 6.94%
Bid: 1.83[+]
Ask: 1.85
Open: 1.74
Volume: 143,200
Thanks for the feedback- I'm hanging in there, with a 20% haircut, lol. 2 quarters should recover, imo. It is a good entry for anyone that wants to take advantage of the pps, imo. I've already allocated my % to this stock, so will wait and see
Man wallstreet kills these stocks when they miss the no's but still make a profit!!How many co's make a real profit?I know more that don't then do. I am watching for the bounce on this one.It did bounce some fri. but chart wise looks to be going lower.Will be a good catch if i can time it right.They gave the president over $1m for retiring so next quarter should look good.Hang in there.
Number are out, they missed estimates:
Memry Corporation FY 2006 Revenues Up 17% to $53M; Net Income $2.7M or $0.09 Per Share
Thursday September 7, 5:21 pm ET
BETHEL, Conn., Sept. 7 /PRNewswire-FirstCall/ -- Memry Corporation (Amex: MRY - News) reported today revenues of $52,588,000 for the year ended June 30, 2006, up 17% from $45,008,000 in fiscal year 2005. Net income was $2,673,000, or $0.09 per diluted share, compared with net income of $2,725,000, or $0.10 per diluted share in the comparable period last year.
ADVERTISEMENT
For the fourth fiscal quarter ended June 30, 2006, revenue was $13,279,000, compared with $13,345,000 in the fourth fiscal quarter of 2005. Fourth quarter net income was $887,000, or $0.03 per diluted share, compared with net income of $881,000, or $0.03 per diluted share, in the comparable period of fiscal year 2005.
Memry CEO Robert Belcher said, "This was a major transition year for Memry. We crossed the $50 million revenue mark for the first time. Shifts in top management and a significant boost from our polymer business underscored substantial developments that will positively affect our company in the years ahead.
"Our polymer segment, created by the acquisition of Putnam Plastics in November 2004, drove strong top-line growth of 17% in FY 2006. The polymer segment represented 30% of consolidated revenue for the year, up from 18% in FY 2005. Polymer segment revenue for FY 2006 was $15.8 million, compared to $8.1 million in FY 2005. This growth was driven by guidewire products sold to a major customer and increased shipments of catheters to a number of customers. Gross margin in the polymer segment increased to 44.4% in FY 2006, versus 43.9% in FY 2005.
"The Nitinol segment, our original business, was adversely affected by increased competition and reduced order flow during the year. Fortunately, this was offset by contributions from our polymer operations. Nitinol segment revenue was flat at $37.0 million in FY 2006 and FY 2005. Shipments of components used in surgical applications and superelastic tube increased, as did components used in prototype development and R&D activities. However, shipments of Nitinol laser cut tube-based stent components sold to our largest customer decreased, reflecting an overall decline in the sales of its products and a desire to secure a second source of supply. These trends will continue to impact us in FY 2007. Early this fiscal year, we were also adversely affected by supplier shortages in acceptable raw materials for wire-based stent components, an issue we have since addressed. These issues plus changes in product mix resulted in a decrease in gross margin in the Nitinol segment to 36.1% from 38.8% in the prior year. We will work to stabilize margins in the Nitinol segment in the year ahead."
FY 2006 results were impacted by a non-recurring operating expense of $1.13 million in the second quarter in connection with the retirement of CEO Jim Binch. Excluding the impact of that charge, Memry's pre-tax income for FY 2006 would have been up 24% from the prior year. Memry also continued to produce strong cash flow from operations of $5.8 million during FY 2006, and its balance sheet reflected a $6.0 million increase in working capital over the prior year.
"Our new management team is optimistic about the future of Memry," said Belcher. "After Jim Binch's retirement, the board asked me to become CEO. Dean Tulumaris was named president and chief operating officer, and Rick Sowerby was hired to replace me as chief financial officer. We feel positive about our long-term prospects in the polymer division and anticipate significant growth in that segment. Though we do not anticipate meaningful short-term growth opportunities in the Nitinol segment we continue to work on many new product initiatives, several of which will begin generating revenue in the year ahead. We also will continue to pursue attractive business development opportunities this fiscal year."
The company will host a conference call with Belcher and senior members of the management team on Friday, September 8 at 11 a.m. Eastern. The call will cover Memry's FY 2006 financial results. Belcher will open the conference call, followed by a question-and-answer session. To participate in this call, dial (877) 407-8031 any time after 10:55 a.m. Eastern. International callers should dial (201) 689-8031.
A copy of the financial statements follows.
About Memry Corporation
Memry Corporation provides design, engineering, development and manufacturing services to the medical device and other industries using the company's proprietary shape memory alloy and polymer extrusion technologies. Medical device products include stent components, catheter components, guidewires, laparoscopic surgical sub-assemblies and orthopedic instruments as well as complex, multi-lumen, multi-layer polymer extrusions used for guidewires, catheters, delivery systems and various other high-end interventional medical devices.
An investment profile on Memry may be found at http://www.hawkassociates.com/mryprofile.aspx.
For more information, contact CEO Robert P. Belcher at (203) 739-1100, e-mail: Robert_Belcher@memry.com, or Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com. Detailed information about Memry Corporation can be found at http://www.memry.com. Copies of Memry Corporation press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.
http://biz.yahoo.com/prnews/060907/clth088.html?.v=23
Averaged down some on this one. Still think it has potential
Still trying to figure out whay this stock is getting beat up.
Form 8-K for MEMRY CORP
10-Aug-2006
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Item 1.01. Entry into a Material Definitive Agreement.
On August 7, 2006, Memry Corporation (the "Company") entered into a Master Supply Agreement (the "Agreement") with Medtronic, Inc. ("Medtronic"). The Agreement is effective retroactively as of August 1, 2006. Pursuant to the Agreement, the Company will supply certain medical products to Medtronic, and Medtronic has committed to purchase a minimum percentage of certain product line requirements from the Company. In addition, Medtronic has granted the Company the right of first refusal with respect to the supply of future iterations of certain products during the term of the Agreement. The Agreement shall continue for three years, unless it is terminated earlier in accordance with the provisions set forth in the Agreement or extended by the parties for additional two year terms. The Agreement also provides that, except for United States Government contracts, Medtronic will get favored-customer pricing and terms for the term of the Agreement. A copy of the Agreement is attached hereto as Exhibit 10.1.
This stock made the Bowser report in Jun 06.
MeMRY Corporation engages in the design, development, manufacture, and marketing of products and components primarily for the medical device industry. Its shape memory alloys product line comprises betatitanium alloy, semifinished materials, wire, strip, tube, formed components, and subassemblies. The company’s specialty polymer extrusion product line includes co-extruded tubing, total intermittent extrusions tubing, thermoset polyimide tubing, single lumen, multilumen, taper/bump, braided reinforced tubing, and wire coating. It also offers medical device products, including stent components, catheter components, guidewires, laparoscopic surgical subassemblies, and orthopedic instruments, as well as complex, multilumen, and multilayer polymer extrusions used for guidewires, catheters, delivery systems, and various other interventional medical devices. In addition, the company provides engineering services to assist customers in the development of products based on the properties of shape memory alloys. It also provides sealing devices, actuators, and fasteners to the telecommunications, aerospace/defense, and automotive industries. MeMRY Corporation sells its products through direct sales force and sales representatives in the United States and Europe. The company was incorporated in 1981 and is headquartered in Bethel, Connecticut.
Memry Corp. Added to Russell Microcap Index
PR Newswire (Wed, Jul 5)
Shares Outstanding: 28.91M
Float: 23.32M
% Held by Insiders4: 19.24%
% Held by Institutions4: 5.50%
Shares Short (as of 11-Jul-06)3: 16.95K
52-Week High (30-Jun-06)3: 3.41
52-Week Low (16-Dec-05)3: 1.56
Revenue (ttm): 52.65M
Qtrly Revenue Growth (yoy): 10.40%
Gross Profit (ttm): 17.91M
Total Cash (mrq): 5.32M
Total Cash Per Share (mrq): 0.184
Total Debt (mrq): 10.22M
Dutton Associates Announces Investment Opinion: Memry Rating Raised To Buy In Update Coverage By Dutton Associates
Business Wire (Thu, May 18)
Pulled this from the MRY yahoo board:
I just ran across a new use for Nitinol (err, well at least it's new to me) The link is below...
http://www.reproline.jhu.edu/english/1fp...
The below link shows a good diagram of the device
http://www.arhp.org/healthcareproviders/...
?ID=308
This is for a birth control product called essure, which is made by a company called Conceptus (Ticker symbol CPTS) Essure is a Fallopian tube insert which is partially with Nitinol and is inserted by a catheter. Wow:) now there's 2 possibilities for MRY to get some business if they haven't already since they are of course into both nitinol and catheters. As an aside, I'd say CPTS is an interesting company although I own no shares of it as of yet. Maybe some here could take look at it and give an unbiased opinion. It looks a little expensive but they do have quite a bit of potential. A high risk/high reward type of thing.
On the the Googe Sponsored Link thing. I just noticed that MRY was sponsoring the keyword "Nitinol" on Google. Just do a search on Google with the keyword "Nitinol" and you'll see a sponsored link which comes up on the right side which leads to the MRY website. Other companies are listed there as well so you might have to click on "additional sponsors" or something like that at the bottom of those other companies.
Now here's something interesting though.... Go to Google and key in both "Nitinol" and "Essure". You will get back ONLY 1 sponsored link. That link will be the MRY link. HMMMM. At least that's how it worked for me just now, and I tried it twice. So does that mean that MRY is also sponsoring the keywords "Nitinol" and "Essure" in combination and they are the only company doing so? That's how it looks to me although I'm not intimately familiar with how Google does their sponsored words. If so then I think we can safely assume that MRY either already has business with Conceptus or they are at the very least aware of the opportunity which lies with landing Conceptus as a client.
Anyone have any thoughts on all this. I just figured it was something interesting to toss out there for conversation sake.
Hey Gateway- you in this stock?
I bought it in July this year when it hit the Bowser Report
Memry Corporation Announces Fiscal Third Quarter 2006 Earnings Release and Conference Call
Monday May 1, 3:38 pm ET
BETHEL, Conn.--(BUSINESS WIRE)--May 1, 2006--Memry Corporation (AMEX: MRY - News) will release its fiscal third quarter 2006 earnings on Thursday, May 4 after the market closes.
ADVERTISEMENT
The company will host a conference call with Robert Belcher, who has been serving as acting CEO and CFO, and senior members of the management team on Friday, May 5 at 11 a.m. Eastern. The call will cover Memry's 2006 fiscal third quarter earnings. Belcher will open the conference call, followed by a question-and-answer session.
To participate in this call, dial (877) 407-8031 any time after 10:55 a.m. Eastern on May 5. International callers should dial (201) 689-8031.
Callers experiencing difficulty or requiring assistance can dial the (*) followed by the (0) button on their touchtone telephone, which will access an operator.
An investment profile on Memry Corporation may be found at http://www.hawkassociates.com/memry/profile.htm.
For more information, contact Frank Hawkins or Julie Marshall, Hawk Associates Inc., at (305) 451-1888, e-mail: info@hawkassociates.com. Detailed information about Memry Corporation can be found at http://www.memry.com. Memry press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com.
Contact:
Hawk Associates Inc.
Frank Hawkins or Julie Marshall, 305-451-1888
info@hawkassociates.com
--------------------------------------------------------------------------------
Source: Memry Corporation
Memry Corporation FY 2006 Q2 Revenue Up 28% to $12.6M
Monday February 13, 4:09 pm ET
Gains in Nitinol Sales and Strengthening Polymer Product Revenues Spur Growth
BETHEL, Conn., Feb. 13 /PRNewswire-FirstCall/ -- Memry Corporation (Amex: MRY - News) reported today that revenue for the second fiscal quarter ended December 31, 2005 rose 28% to $12,649,000, compared with $9,877,000 reported in the comparable quarter a year ago. Including a one-time charge for separation expenses, the company reported a net loss of ($236,000), or ($0.01) per diluted share, compared with net income of $406,000, or $0.01 per diluted share in the comparable quarter a year ago. The company reported a negligible operating loss ($12,000) versus operating income of $930,000 in last year's second quarter.
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Revenues for the first six months of the fiscal year rose 33% to $25,316,000 from $18,989,000 in the first six months of FY '05. Including a charge for separation expenses of $1,130,000, net income decreased by $845,000 to $265,000, or $0.01 per diluted share in the first six months of FY '06, compared with $1,110,000, or $0.04 per diluted share for the same period in FY '05. Operating income for the six months of FY '06 was $1,165,000, compared with $2,057,000 in the first six months of FY '05.
Second quarter operating results were negatively impacted by separation charges of $1.13 million related to the retirement of the former chief executive officer.
Robert Belcher, acting CEO and chief financial officer of Memry, said, "The revenue increase was boosted by the inclusion of polymer product revenues for the full fiscal quarter. But we also had good gains in revenues from sales of Nitinol products, which rose 7% in the quarter to $8,839,000 and for the first six months increased 4% to $18,054,000. Our Nitinol business benefited from increases in sales of super-elastic tube and tube-based stent components as well as increased revenue from prototype development. These gains were partially offset by slippage in shipments of arch wire and microcoil products. Polymer segment revenue for the quarter was $3,895,000 and $7,375,000 for the six months ended December 31, 2005.
"Gross margin in the quarter improved slightly from 38.7% to 39.2%, reflecting the higher level of revenue in the quarter from our polymer business, which has a higher gross margin than the nitinol segment. Operating expenses increased by $2.1 million during the quarter, with $1.13 million of that increase attributable to the one-time expense associated with the retirement of our chief executive officer, and the balance of the increase due to additional costs associated with supporting the incremental Putnam revenues, expenses associated with our adoption of SFAS No. 123® of $184,000 and additional legal, accounting and personnel costs.
"Our balance sheet continues to be strong, and we had a healthy cash position at the end of the quarter of $5.4 million.
"We remain optimistic about the second half of fiscal 2006. We recently entered into a three-year contract extension agreement with one of our major customers, and we anticipate several of the new product programs we have been working on to begin generating meaningful revenue and profits as we move through this calendar year," Belcher said.
A copy of the financial statements follows.
The company will host a conference call to discuss second quarter results tomorrow, February 14, at 11 a.m. Eastern. To participate in this call, dial (866) 278-7933 any time after 10:55 a.m. Eastern. International callers should dial (800) 500-7045.
About Memry Corporation
Memry Corporation provides design, engineering, development and manufacturing services to the medical device and other industries using the company's proprietary shape memory alloy and polymer extrusion technologies. Medical device products include stent components, catheter components, guidewires, laparoscopic surgical sub-assemblies and orthopedic instruments as well as complex, multi-lumen, multi-layer polymer extrusions used for guidewires, catheters, delivery systems and various other high-end interventional medical devices.
An investment profile on Memry may be found at http://www.hawkassociates.com/memry/profile.htm .
For more information, contact Memry's Acting CEO and Chief Financial Officer Robert P. Belcher at (203) 739-1100, e-mail: Robert_Belcher@memry.com , or Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com . Detailed information about Memry Corporation can be found at http://www.memry.com . Copies of Memry Corporation press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com .
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.
Memry Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
December 31, June 30,
2005 2005
ASSETS
Current Assets
Cash and cash equivalents $5,433,000 $4,141,000
Accounts receivable, less allowance for
doubtful accounts 5,900,000 5,846,000
Inventories 5,506,000 4,948,000
Deferred tax asset 1,391,000 1,391,000
Prepaid expenses and other current assets 452,000 288,000
Total current assets 18,682,000 16,614,000
Property, Plant, and Equipment 21,489,000 19,897,000
Less accumulated depreciation (12,574,000) (11,527,000)
8,915,000 8,370,000
Other Assets
Intangible assets, less accumulated
amortization 7,507,000 7,842,000
Goodwill 14,146,000 13,946,000
Cash collateral deposits -- 1,500,000
Deferred financing costs, less accumulated
amortization 410,000 465,000
Investment 409,000 --
Note receivable -- 407,000
Deferred tax asset 3,200,000 3,508,000
Other assets 148,000 148,000
Total other assets 25,820,000 27,816,000
TOTAL ASSETS $53,417,000 $52,800,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses $6,126,000 $5,453,000
Notes payable 2,111,000 2,615,000
Income tax payable 66,000 204,000
Total current liabilities 8,303,000 8,272,000
Notes payable, less current maturities 8,367,000 8,759,000
Other non-current liabilities 112,000 --
Stockholders' Equity
Common stock 288,000 286,000
Additional paid-in capital 54,492,000 53,893,000
Accumulated deficit (18,145,000) (18,410,000)
Total stockholders' equity 36,635,000 35,769,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $53,417,000 $52,800,000
Memry Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three Months Ended December 31, 2005 and 2004
(Unaudited)
2005 2004
Revenues $12,649,000 $9,877,000
Cost of revenues 7,694,000 6,051,000
Gross profit 4,955,000 3,826,000
Operating expenses
Research and development 605,000 513,000
General, selling and administration, including
separation charges of $1,130,000 in the
three months ended December 31, 2005 4,236,000 2,318,000
Amortization of intangible assets 126,000 65,000
4,967,000 2,896,000
Operating income (loss) (12,000) 930,000
Interest
Expense (331,000) (303,000)
Income 55,000 39,000
(276,000) (264,000)
Income (loss) before income taxes (288,000) 666,000
(Benefit from) provision for income taxes (52,000) 260,000
Net income (loss) $(236,000) $406,000
Basic earnings (loss) per share $(0.01) $0.01
Diluted earnings (loss) per share $(0.01) $0.01
Memry Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
For the Six Months Ended December 31, 2005 and 2004
(Unaudited)
2005 2004
Revenues $25,316,000 $18,989,000
Cost of revenues 15,612,000 11,663,000
Gross profit 9,704,000 7,326,000
Operating expenses
Research and development 1,258,000 993,000
General, selling and administration, including
separation charges of $1,130,000 in the six
months ended December 31, 2005 7,029,000 4,178,000
Amortization of intangible assets 252,000 98,000
8,539,000 5,269,000
Operating income 1,165,000 2,057,000
Interest
Expense (652,000) (317,000)
Income 98,000 79,000
(554,000) (238,000)
Income before income taxes 611,000 1,819,000
Provision for income taxes 346,000 709,000
Net income $265,000 $1,110,000
Basic earnings per share $0.01 $0.04
Diluted earnings per share $0.01 $0.04
--------------------------------------------------------------------------------
Memry Corporation Announces Fiscal Second Quarter 2006 Earnings Release and Conference Call
Wednesday February 8, 2:28 pm ET
BETHEL, Conn., Feb. 8 /PRNewswire-FirstCall/ -- Memry Corporation (Amex: MRY - News) will release its fiscal second quarter 2006 earnings on Monday, February 13 after the market closes.
ADVERTISEMENT
The company will host a conference call with Acting CEO and Chief Financial Officer Bob Belcher and senior members of the management team on Tuesday, February 14 at 11 a.m. Eastern. The call will cover Memry's 2006 fiscal second quarter earnings. Belcher will open the conference call, followed by a question-and-answer session.
To participate in this call, dial (866) 278-7933 any time after 10:55 a.m. Eastern on February 14. International callers should dial (800) 500-7045.
Callers experiencing difficulty or requiring assistance can dial the (*) followed by the (0) button on their touchtone telephone, which will access an operator.
An investment profile on Memry Corporation may be found at http://www.hawkassociates.com/memry/profile.htm .
For more information, contact Frank Hawkins or Julie Marshall, Hawk Associates Inc., at (305) 451-1888, e-mail: info@hawkassociates.com . Detailed information about Memry Corporation can be found at http://www.memry.com . Memry press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com .
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