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So many stocks, so little time :- )
Nice Buy Here
13:50:18 2050 1.70 + OTCBB
13:50:15 16750 1.70 + OTCBB
13:50:15 2950 1.70 + OTCBB
The Wall Street Analyst Forum conference May 22nd - May 24th at the Princeton Club in New York City on West 43rd St. features presentations from companies in the Technology, BioTech, Security and Financial Services industries. (See list below of Scheduled Presenting companies). The forum also features chief investment strategist presentations by Sam Stovall of Standard & Poor's and Michael Metz of Oppenheimer & Co.
About GVI Security Solutions, Inc.
GVI Security Solutions Inc. is a leading provider of video surveillance security solutions to the homeland security, institutional and commercial market segments.
About The Wall Street Analyst Forum
Since 1988, The Wall Street Analyst Forum has been a sponsor of four annual analyst conferences for the CEO/CFO's of NYSE/NASDAQ/AMEX corporations in New York, Boston and London.
Scheduled companies Insert Therapeutics (NASDAQ: ARWR), MFIC Corp. (OTCBB: MFIC), Neural Stem, Inc. (OTCBB: NRLS), Cardium Therapeutics, Inc. (OTCBB: CDTP), AspenBio Pharma, Inc. (OTCBB: APNB) Innovive Pharmaceuticals (OTCBB: IVPH), Aradigm Corporation (OTCBB: ARDM), Avicena Group (OTCBB: AVGO), Heska Corporation (NASDAQ: HSKA), HealthSonix Inc. (Pink Sheet: HSXI), Capital Senior Living Corp. (NYSE: CSU), Sharps Compliance Corp. (OTCBB: SCOM), Castle Brands Inc. (AMEX: ROX), GVI Security Solutions, Inc. (OTCBB: GVSS), AeroMechanical Services Ltd. (TSX VENTURE: AMA.V), Optionable Inc. (OTCBB: OPBL), Bank of Internet USA (NASDAQ: BOFI) and Lithium Technology Corp (Pink sheets: LTHU).
From in-PharmaTechnologist.com:
MFIC to bring microfluidics to drug formulation
May 24, 2007
By Matt Wilkinson
Get the latest Market Reports on:
MFIC
MRT
microfluidics
crystallisation
drug formulation
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MFIC to boost nanomaterials development
MFIC is looking to introduce a new microfluidic system that could help pharmaceutical and biotechnology companies to manufacture difficult to formulate drugs.
The new device is a product of the US company's Microfluidics Reaction Technology (MRT) development program and works by creating nanosuspensions that can then be easily used in drug formulation.
The new technology was presented at the Nano Science and Technology Institute (NSTI) Nanotech conference 2007 in Santa Clara, California, US, earlier this week.
MFIC demonstrated the potential of the new technique for a series of drugs with masses ranging between 220 and 750 AMU (atomic mass units).
"The advent of MRT could potentially unlock uncounted drugs, vaccines and drug delivery systems that to date could not be formulated," said Bob Bruno, CEO of MFIC Corp.
Bruno anticipates introducing a range of equipment to enable the MRT process in the fourth quarter of the year, "providing our customers with an additional effective and efficient solution for the creation of promising, new therapeutics".
Conventional "top down" processes take a bulk product and reduce the size of the particles by processes such as wet-milling, homogenisation and micronisation.
These processes give inconsistent results that can be problematic for batch to batch consistency and when making drugs for inhalation.
The MRT uses a "bottom up" approach that pumps the drug containing solvent and anti-solvent at each other within a 'Microfluidizer' reaction chamber at velocities of up to 400m/s.
The reaction chamber provides precise control of the feed rate and mixing location to produce uniform, optimally-sized nanoparticles by solvent, anti-solvent and surfactant crystallisation techniques.
"Through the use of MRT, MFIC engineers were able to produce nanosuspensions for several drugs," said Dr. Thomai Panagiotou, vice president of R&D at MFIC.
"Importantly, MRT was demonstrated to be more effective in producing nanosuspensions than standard, particle size reducing methods."
Let me know what ya come up with...
Thanks for letting me know about this one, MWM. I'm gonna do some reading and see what I think.
There are some smart cookies on this board... this stock is a great long term play...
GL
Mike
re o/s - could not agree more.
re tech - I guess I need to do some reading on the website.
thanks for saving me 500 posts of reading.
Pfizer's shares had been acquired through its acquisition of G.D. Searle. The shares in MFIC were sold over a period of time and never reported to MFIC until MFIC sent in a questionnaire to PFE.
Yes, there is a lot more to Pfizer's exit than meets the eyes...
It might be helpful to know how Pfizer acquired the shares in the first place. Was there a possibility of a buyout that failed, or ? Also i think the Pfizer sale had taken place over a long period of time but was only recently announced, is that correct?
I knew you'd say it best...
Thanks
Mike
Alert Triggered for MFIC
MFIC Corp (MFIC) Price Increased 16.67% from Tuesday's Close
and is currently trading at $1.74.
Here is my one sentence: MFIC is undervalued!
MFIC is a leading-edge technology company whose equipment is found in 3,500 to 4,000 patent filings worldwide. They have an installed base of over 3,000 Microfluidizers with every major drug and biotech company which are now in a position to buy their next-generation, cutting-edge MRT equipment. They are a leader in the emerging field of nanotechnology which is projected to grow by quantum leaps in the next decade. MFIC has a very low float and tiny $17 Million market cap which is dwarfed by more than 10 times by other nanotech stocks that have never sold a product or even booked a profit.
Shmoopy your the expert here, what would your answer be?
And why are we so bullish now in one sentence?
Their tech is legit and it's in the right sector... not to mention the O/S is sweet love to my eyes...
Ok - makes perfect sense.
And why are we so bullish now in one sentence?
Pfizer had a few hundred thousand shares that they sold and the former CEO resigned, I believe those were the two main reasons...
Institutional Holder Has Liquidated More Than Five Percent Holding in MFIC
Monday April 2, 11:45 am ET
NEWTON, Mass.--(BUSINESS WIRE)--MFIC Corporation ("MFIC" or the "Company")(OTCBB: MFIC - News) announced today that it recently received notification that Pfizer Inc. ("Pfizer") had liquidated its position, approximately 600,000 shares, or approximately 6%, of the outstanding common stock of MFIC.
I hate when someone just appears on a thread, and asks questions without reading the 500 previous posts, so forgive me when I ask "What in the hell caused it to drop so badly a few months back?". lol & TIA..!
MFIC to present at Friedland Investment Events tomorrow at 10:20 AM EST in NYC:
http://www.friedlandevents.com/undervalued/index.html
I'm back in today... This tiny O/S is just too sexy...
Let the orders come rolling in from Big Pharma and Biotech. MFIC has an installed base of over 3,000 Microfluidizers in place and the MRT apparently is a big leap in the next generation of creating nanoparticles efficiently with extremely high yields.
That sounds interesting...
MFIC Corporation Unveils Breakthrough Microfluidics Reaction Technology for Drug Formulation
Wednesday May 23, 8:00 am ET
NEWTON, Mass.--(BUSINESS WIRE)--(Symbol OTCBB: MFIC): MFIC Corporation presented a significant discovery in their development program called Microfluidics Reaction Technology (MRT) during a poster presentation at the Nano Science and Technology Institute (NSTI) Nanotech 2007 Conference on Tuesday, May 22, 2007. MRT provides the next-generation in nanosuspension processes to help pharmaceutical and biotechnology companies develop and ultimately manufacture difficult to formulate drugs.
"The advent of MRT could potentially unlock uncounted drugs, vaccines and drug delivery systems that to date could not be formulated. It provides a critical advancement in the field of drug formulation and positions MFIC as a clear technology leader," said Bob Bruno, President & COO. "We anticipate introducing a line of equipment to facilitate the MRT process in the fourth quarter of this year, providing our customers with an additional effective and efficient solution for the creation of promising, new therapeutics."
MRT advances the manufacturing of nanosuspensions "bottom up" by chemical reactions or physical processes such as crystallization. It has been demonstrated for a variety of drugs using solvent and anti-solvent crystallization. This approach allows for a greater ability to control the growth rates of nanoparticles to produce uniform, optimally-sized nanoparticles in a more efficient, cost-effective manner. Conventional "top down" processes reduce particle sizes to the nano-level through a process of wet-milling, homogenization, micronization, and other techniques. MRT works by pumping liquid reactants through a coaxial feed system within a Microfluidizer® reaction chamber, which is based on impinging jet principals. The system provides precise control of the feed rate and mixing location.
"Through the use of MRT, MFIC engineers were able to produce nanosuspensions for several drugs, including two antibiotics, an antihistamine, an anticonvulsant and a non-steroidal anti-inflammatory," said Dr. Thomai Panagiotou, Vice President of Research and Development and the lead investigator and presenter of the study. "Importantly, MRT was demonstrated to be more effective in producing nanosuspensions than standard, particle size reducing methods," concluded Dr. Panagiotou.
The MRT technology and applications are outlined in the poster presented at the NSTI meeting. The poster will be accessible later this week on the Company's Web site at www.microfluidicscorp.com/.
About MFIC Corporation:
MFIC Corporation, through its Microfluidics Division, designs, manufactures and distributes patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for nanoparticle products for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to MFIC equipment customers.
Forward Looking Statement:
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's plan to attain and/or increase operating profitability and/or to achieve net profitability. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to the following risks and uncertainties: (i) whether the performance advantages of the Company's Microfluidizer® materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, (ii) whether the performance advantages of the Company's MMR and MRT nanoparticle production systems will be realized commercially, (iii) whether the Company will be able to increase its market penetration and market share, (iv) whether the timing of orders will significantly affect quarterly revenues and resulting net income results for particular quarters which may cause increased volatility in the Company's stock price, and (v) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales, and ongoing borrowing availability, the latter being subject to the Company's ability to comply with the covenants and terms of its loan agreement with its senior lender.
Contact:
MFIC Corporation
Robert P. Bruno, President & COO
or
Jack M. Swig, Investor Relations
617-969-5452
Fax: 617-965-1213
info@mfics.com
www.mficcorp.com
--------------------------------------------------------------------------------
Source: MFIC Corporation
Today's webcast presentation still references MFIC's potential revenue growth at $50 to $100 Million and Irv was not even present!
Jack came on at the end saying that there will be a PR out before the opening bell tomorrow about MFIC's presentation at the NSTI Nanotech 2007 conference and the unveiling of its brand new product based on its MRT technology.
MFIC to present tomorrow at 9:50AM EST:
http://www.analyst-conference.com/main/help3.asp?QuNum=4
MFIC Corporation to Present at Upcoming Financial Conferences
Thursday May 17, 8:24 pm ET
NEWTON, Mass.--(BUSINESS WIRE)--(Symbol OTCBB: MFIC): MFIC Corporation, a leader in advanced equipment used widely in the pharmaceutical and biotechnology industries to process and formulate innovative and improved products, announced today that the Company will present at two upcoming financial conferences in New York City. Senior management will discuss corporate initiatives, an upcoming product launch and research, development activities, and other recent developments.
Presentation details are as follows:
Tuesday, May 22, 2007 at 9:50 a.m. ET: Wall Street Analyst Forum's 18th Annual Analyst Conference, New York City, Princeton Club at W. 43rd Street
Thursday, May 24, 2007 at 10:20 a.m. ET: Friedland Investment Events LLC's Undervalued Equity Conference, New York City, Doubletree Hotel at 569 Lexington Avenue
About MFIC Corporation:
MFIC Corporation, through its Microfluidics Division, designs, manufactures and distributes patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for nanoparticle products for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to MFIC equipment customers.
Contact:
Robert P. Bruno, President & COO
or
Jack M. Swig, Investor Relations
617-969-5452
Fax: 617-965-1213
info@mfics.com
www.mficcorp.com
--------------------------------------------------------------------------------
Source: MFIC Corporation
MFIC to present at The Wall Street Analyst Forum on May 22, 2007:
Since 1988, The Wall Street Analyst Forum has been a sponsor of four annual analyst conferences for the CEO/CFO's of NYSE/NASDAQ/AMEX corporations in New York, Boston and London.
Scheduled companies May 22, 2007: Insert Therapeutics (NASDAQ: ARWR), MFIC Corp. (OTCBB: MFIC), Neural Stem, Inc. (OTCBB: NRLS), Cardium Therapeutics, Inc. (OTCBB: CDTP), AspenBio Pharma, Inc. (OTCBB: APNB) Innovive Pharmaceuticals (OTCBB: IVPH), Aradigm Corporation (OTCBB: ARDM), Avicena Group (OTCBB: AVGO). May 23, 2007: Heska Corporation (NASDAQ: HSKA), HealthSonix Inc. (Pink Sheet: HSXI), Capital Senior Living Corp. (NYSE: CSU), Sharps Compliance Corp. (OTCBB: SCOM), Castle Brands Inc. (AMEX: ROX). May 24, 2007: GVI Security Solutions, Inc. (OTCBB: GVSS), AeroMechanical Services Ltd. (TSX VENTURE: AMA.V), Optionable Inc. (OTCBB: OPBL), Bank of Internet USA (NASDAQ: BOFI).
MFIC is in 1 of top 5 "Nano Metro" areas:
Mapping the New U.S. ''Nano Metro'' Economy
05.17.07, 4:38 AM ET
Business Wire - Press Release
With nanotechnology poised to be the globe's next big economic driver, five U.S. cities have emerged as the country's top "Nano Metro" locations--areas with the nation's highest concentration of nanotech companies, universities, research laboratories, and organizations.
Three leading "Nano Metro" centers--San Jose, San Francisco and Oakland--are in California, the state emerging as the domestic frontrunner in nanotechnology competition. The other two--Boston and Middlesex-Essex--are in Massachusetts.
This information is on view as part of a new interactive map displaying the growing "Nano Metro" landscape. The map and accompanying analysis--presented by the Wilson Center's Project on Emerging Nanotechnologies--depicts and ranks cities and states by numbers of companies, nanotechnology academic and government research centers, organizations, business sectors, and much more. It is powered by Google Maps(R) and is available at no cost online at www.nanotechproject.org/121.
Nanotechnology Map Highlights:
-- The top 4 nanotechnology states are: California, Massachusetts, New York and Texas.
-- The top 5 "Nano Metro" areas are: San Jose, CA; Boston, MA; San Francisco, CA; Oakland, CA; and Middlesex-Essex, MA.
-- Nanotechnology companies are working in 3 main sectors: materials, medicine and health, and tools and instruments.
-- The number of universities and government laboratories working on some aspect of nanotechnology is significant, with 138 identified.
-- In all, 47 of 50 states and the District of Columbia contain at least one company, university, government laboratory, or organization working in nanotechnology, showing that nanotechnology activity is occurring throughout the United States.
In 2006, according to Lux Research, governments, corporations and venture capitalists worldwide spent $12.4 billion on nanotechnology research and development (R&D)--up almost 30 percent from 2005. By 2014, Lux estimates $2.6 trillion in manufactured goods will incorporate nanotechnology--or about 15 percent of total global output.
"Nanotechnology is usually seen as a worldwide or national enterprise, with the U.S. government alone investing $6.8 billion in nanotech R&D over the last decade. But what some describe as 'The Next Industrial Revolution,' is actually taking place at a local and state level," said Project on Emerging Nanotechnologies Director David Rejeski. "The top 20 U.S. 'Nano Metro' areas include cities as different as Raleigh, NC, Albuquerque, NM, and New York, NY."
"This map is drawn from publicly available information in key databases and it is not complete," according to Rejeski. "We know there is a lot more nanotech commercial and research activity than is reflected here. But this is a first attempt to show that nanotechnology is not a Silicon Valley or Boston Route 128 phenomena. Nanotechnology increasingly is on Main Street everywhere. As the Project receives new data, we plan to update the map to provide the best possible depiction of this country's emerging nanotechnology landscape."
Nanotechnology is the ability to measure, see, manipulate and manufacture things usually between 1 and 100 nanometers (nm). A nanometer is one billionth of a meter. A human hair is roughly 100,000 nanometers wide. The limit of the human eye's capacity to see without a microscope is about 10,000 nm.
The Project on Emerging Nanotechnologies is an initiative launched by the Woodrow Wilson International Center for Scholars and The Pew Charitable Trusts in 2005. It is dedicated to helping business, government and the public anticipate and manage possible health and environmental implications of nanotechnology.
New products announced by MFIC:
http://www.chemicalprocessing.com/vendors/products/2007/041.html?page=print
MFIC Corporation Announces First Quarter Results
Tuesday May 15, 11:56 am ET
NEWTON, Mass.--(BUSINESS WIRE)--MFIC Corporation (OTCBB: MFIC - News) today reported revenues for the quarter ended March 31, 2007 of $2.80 million, representing a decrease of $350,000, or approximately 11%, compared with revenues of $3.15 million for the quarter ended March 31, 2006.
For the quarter ended March 31, 2007, the Company posted a net loss of $417,000, or $.04 per diluted share, as compared with net income of $42,000, or $0.00 per share, for the quarter ended March 31, 2006. The first quarter 2007 included no income tax provision while the first quarter of 2006 included an income tax expense of $27,000.
Operating expenses increased by $401,000, or 11.9% to $2.04 million for the quarter ended March 31, 2007 from $1.64 million for the quarter ended March 31, 2006. The increase was primarily due to additional staffing and programs undertaken in 2006 and is at a level that is consistent with that of the fourth quarter of 2006.
The Company's order backlog at March 31, 2007 was $2.94 million, a decrease of approximately 14.7% from $3.45 million at March 31, 2006, and a decrease of 2.3% from $3.01 million at December 31, 2006. The decrease in backlog reflects a slow down in orders, primarily for custom production units, which continues in the second quarter.
Robert P. Bruno, President & COO stated "First quarter 2007 revenues were significantly impacted by delays in shipping of two production Microfluidizer processor systems awaiting customer acceptance, valued in the aggregate at approximately $644,000, and four smaller units having an aggregate value of approximately $172,000, which were awaiting credit clearance. The six units are anticipated to be booked as revenue in the second quarter of 2007."
First Quarter 2007 Company Highlights
During the quarter, MFIC:
Sold a high number of laboratory units and experienced strong demand for such units, in particular for the improved Model M-110EH-30 introduced in late 2005.
Completed production of our first new BioPharmaceutical integrated platform system including Constant Pressure, Steam In Place and extensive electronic operating controls and real-time data archiving systems all within a single unit.
Completed development of a soon-to-be-introduced, new laboratory unit with currently unavailable features and capabilities.
Achieved a significant breakthrough discovery in our MMR program; Microfluidics Reaction Technology (MRT) enables nanoparticle formulation for drug and other formulations utilizing our proven and cost-effective Microfluidizer® processor equipment. Initial publication of research will be made in May at the 2007 NSTI Nanotechnology Conference and Trade Show - Nanotech 2007.
Was selected as a global supplier by a major pharmaceutical company for their manufacturing plants worldwide.
Notice to Investors/Stockholders
MFIC will hold a conference call at 1:00 PM Eastern Time on Wednesday, May 16, 2007 to discuss first quarter financial results. The domestic call in number is (866) 550-6338 or internationally (347) 284-6930 and the Confirmation Code is 8540195. Management's discussion will be followed by a question and answer period. For those who cannot listen and participate in the live event, a replay of the call will be available on the Company's website: www.mficcorp.com.
MFIC CORPORATION
MFIC Corporation, through its Microfluidics Division, designs, manufactures and distributes patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for nanoparticle products for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to MFIC equipment customers.
MFIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
----------------------------------------------------------------------
(Unaudited - in thousands except share and per amounts)
----------------------------------------------------------------------
Three months ended
March 31,
(Unaudited)
=======================
2007 2006
---------------------------------------------- ----------- -----------
Revenues $2,801 $3,151
---------------------------------------------- ----------- -----------
Cost of goods sold 1,194 1,447
---------------------------------------------- =========== ===========
Gross profit 1,607 1,704
---------------------------------------------- ----------- -----------
Operating expenses:
---------------------------------------------- ----------- -----------
Research and development 536 397
---------------------------------------------- ----------- -----------
Selling 824 616
---------------------------------------------- ----------- -----------
General and administrative 677 623
---------------------------------------------- =========== ===========
Total operating expenses 2,037 1,636
---------------------------------------------- =========== ===========
(Loss) income from operations (430) 68
---------------------------------------------- ----------- -----------
Interest expense (8) (9)
---------------------------------------------- ----------- -----------
Interest income 21 10
---------------------------------------------- =========== ===========
(Loss) income before income tax provision (417) 69
---------------------------------------------- ----------- -----------
Income tax provision - (27)
---------------------------------------------- =========== ===========
Net (loss) income $(417) $42
---------------------------------------------- =========== ===========
Net (loss) income per common share:
---------------------------------------------- ----------- -----------
Basic $(0.04) $0.00
---------------------------------------------- ----------- -----------
Diluted $(0.04) $0.00
---------------------------------------------- ----------- -----------
Weighted average number of common and
common equivalent shares outstanding:
---------------------------------------------- ----------- -----------
Basic 10,123,084 9,952,837
---------------------------------------------- ----------- -----------
Diluted 10,123,084 10,590,101
---------------------------------------------- ----------- -----------
Summary Consolidated Unaudited Balance Sheet Information
(Unaudited - in thousands)
----------------------------------------------------------------------
March December
31, 31,
2007 2006
----------------------------------------------------- ------- --------
Current Assets $7,358 $7,857
----------------------------------------------------- ------- --------
Current Liabilities $2,088 $2,213
----------------------------------------------------- ------- --------
Total Stockholders' Equity $5,622 $5,948
----------------------------------------------------- ------- --------
Forward Looking Statement:
Management believes that this release contains forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's plan to attain and/or increase operating profitability and/or to achieve net profitability. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to the following risks and uncertainties: (i) whether the performance advantages of the Company's Microfluidizer® materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, (ii) whether the performance advantages of the Company's MMR nanoparticle production systems will be realized commercially, (iii) whether the Company will be able to increase its market penetration and market share, (iv) whether the timing of orders will significantly affect quarterly revenues and resulting net income results for particular quarters which may cause increased volatility in the Company's stock price, and (v) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales, and ongoing borrowing availability, the latter being subject to the Company's ability to comply with the covenants and terms of its loan agreement with its senior lender.
Contact:
MFIC Corporation
Robert P. Bruno, President & COO
or
Jack M. Swig, Investor Relations
617-969-5452
info@mfics.com
--------------------------------------------------------------------------------
Source: MFIC Corporation
Form 10-Q for MFIC CORP
--------------------------------------------------------------------------------
15-May-2007
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Future Operating Results
This report may contain forward-looking statements that are subject to certain risks and uncertainties including statements relating to the Company's plan to achieve, maintain, and/or increase revenue growth, and/or operating profitability, and to achieve, maintain, and/or increase net operating profitability. Such statements are based on the Company's current expectations and are subject to a number of factors and uncertainties that could cause actual results achieved by the Company to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that the actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including but not limited to, the following risks and uncertainties: (i) whether the performance advantages of the Company's Microfluidizer® materials processing equipment will be realized commercially or that a commercial market for the equipment will continue to develop, (ii) whether the timing of orders will significantly affect quarter to quarter revenues and resulting net income results for a particular quarter, which may cause increased volatility in the Company's stock price, (iii) whether the Company will have access to sufficient working capital through continued and improving cash flow from sales and ongoing borrowing availability, the latter being subject to the Company's ability to maintain compliance with the covenants and terms of the Company's loan agreement with its senior lender, (iv) whether the Company's technology will be adopted by customers as a means of producing MMR (defined below) innovative materials in large quantities, (v) whether the Company is able to deploy prototype MMR placements and then manufacture and introduce commercial production MMR equipment, (vi) whether the Company will achieve a greater proportion of its sales in the future through the sale of advanced processor production systems, and (vii) as well as those risks set forth in Item 1a, "Risk Factors," in the Company's Annual Report on Form 10K for the year ended December 31, 2006. The Company assumes no responsibility to update any forward-looking statements as a result of new information, future events, or otherwise.
Overview
MFIC Corporation ("MFIC" or the "Company") has, for over 20 years, specialized in manufacturing and marketing a broad line of high shear fluid processing systems used in numerous applications in the chemical, pharmaceutical, biotech, food and cosmetics industries.
MFIC's line of high shear fluid processor equipment, marketed under the Company's Microfluidizer trademark and trade name, process premixed formulations to produce small uniform structures, usually of the submicron and nanoscale size
(commonly defined as particles having dimensions less than 100 nanometers)
including nanostructures, microemulsions and nanosuspensions. The equipment produces commercial quantities of such materials important to producers of pharmaceuticals, coatings and other products. Further, the Company guarantees scaleup of formulations and results on its processor equipment from 10 milliliters per minute on its laboratory and bench top models to more than 15 gallons per minute on its pilot and production models.
The Company's technology embodied within its Microfluidizer high shear fluid processor is used for formulation of products that are normally very difficult to mix and stabilize. Microfluidizer processors through process intensification allow manufacturers in the chemical, pharmaceutical, cosmetic, and food processing industries to produce higher quality products with better characteristics on a more consistent basis than with other blending, mixing or homogenizing techniques. Additionally, the equipment is used for cell disruption to harvest the cultivated contents of bacterial, yeast, mammalian and/or plant cells and for liposomal encapsulation of materials for the cosmetics and biotech/biopharma industries.
The Company has begun to take steps toward commercializing its proprietary equipment, processes and technology for the continuous production of precipitated submicron or nanoscale particles by interaction of discrete streams of reacting materials, through a novel adaptation of its Microfluidizer processor equipment that permits the mixing of, and reactions between, streams of different solutions at high pressures. The Company refers to this technology as a Multiple Stream High Pressure Mixer/Reactor or Microfluidics Reaction technology (MMR). In August 1997, the Company filed a patent application for the device and its processes with the United States Patent and Trademark Office (USPTO), and filed a Patent Cooperation Treaty (PCT) application on May 5, 1998. In July and November 2000, the USPTO issued to the Company notices of allowances of utility patent claims regarding the MMR and the use thereof. On September 18, 2002, the European Patent Office advised the Company it would grant its MMR patent substantially as applied for, including its device and process claims. The Company has gained national entry of the patent in France, Germany, Italy, The Netherlands, and the United Kingdom. The Company is still prosecuting the allowance of the patent in Canada. The Company's management believes that future commercialization and growth of nanotechnology may be, in large part, enabled by the manufacturing capability of the Company's materials processor and MMR equipment.
--------------------------------------------------------------------------------
The Company was incorporated in Delaware in 1983. The Company, formerly named Biotechnology Development Corporation, changed its name effective June 8, 1993 to Microfluidics International Corporation, and again changed its name effective July 12, 1999 to MFIC Corporation. From August, 1998 until its sale on February 9, 2004, the Company also operated another division, known as the Morehouse-COWLES Division, which manufactured and sold a broad line of mechanical fluid materials processing systems used for a variety of dispersing, milling, and mixing applications across a variety of industries. The Company's principal executive offices are located at 30 Ossipee Road, in Newton, Massachusetts 02464-9101 and its telephone number is (617) 969-5452.
Critical Accounting Policies
Our significant accounting policies are summarized in Note 1 to our consolidated financial statements included in Item 8 of our Annual Report on Form 10-K for the period ended December 31, 2006. However, certain of our accounting policies require the application of significant judgment by our management, and such judgments are reflected in the amounts reported in our consolidated financial statements. In applying these policies, our management uses its judgment to determine the appropriate assumptions to be used in the determination of estimates. Those estimates are based on our historical experience, terms of existing contracts, our observance of market trends, information provided by our strategic partners and information available from other outside sources, as appropriate. Actual results may differ significantly from the estimates contained in our consolidated financial statements. There has been no change to our critical accounting policies through the quarter ended March 31, 2007. Our critical accounting policies are as follows:
† Revenue Recognition. The Company recognizes revenue in accordance with Staff Accounting Bulletin ("SAB") No. 104, "Revenue Recognition in Financial Statements." The Company recognizes revenue from product sales upon shipment, provided that a purchase order has been received or a contract has been executed, there are no uncertainties regarding customer acceptance, the sales price is fixed or determinable and collection is deemed probable. If uncertainties regarding customer acceptance exist, the Company recognizes revenue when those uncertainties are resolved and title has been transferred to the customer. Amounts collected or billed prior to satisfying the above revenue recognition criteria are recorded as deferred revenue.
† Accounts Receivable Valuation. We perform various analyses to evaluate accounts receivable balances and record an allowance for bad debts based on the estimated collectibility of the accounts such that the amounts reflect estimated net realizable value. If actual uncollectible amounts significantly exceed the estimated allowance, the Company's operating results would be significantly and adversely affected.
† Inventory Valuation. We value our inventory at the lower of our actual cost or the current estimated market value. We regularly review inventory quantities on hand and inventory commitments with suppliers and record a provision for excess and obsolete inventory based primarily on our historical usage for the prior twenty-four month period. Although we make every effort to ensure the accuracy of our forecasts of future product demand, any significant unanticipated change in demand or technological developments could have a significant impact on the value of our inventory and our reported operating results.
† Product Warranties. Our products are generally sold with a twelve month warranty provision that requires us to remedy deficiencies in quality or performance of our products at no cost to our customers only after it has been determined that the cause of the deficiency is not due to the actions of the machine operator or product used in the machine. The Company has established a policy for replacing parts that wear out or break prematurely. The policy called for replacing the parts or repairing a machine within one year of the sale. Commencing in May of 2006, the Company altered its warranty by limiting to a period of 90 days its warranty coverage on certain critical wear items. The Company is now selling more advanced processor production systems than past years that may require more costly parts. As of March 31, 2007 the Company has a reserve balance for product warranties in the approximate amount of $76,000, which we believe is adequate.
--------------------------------------------------------------------------------
Results of Operations
Three Months Ended March 31, 2007 vs. March 31, 2006
Revenues
Total revenues for the three months ended March 31, 2007 were approximately $2,801,000, as compared to revenues of $3,151,000 for the comparable prior year period, a decrease of approximately $350,000, or 11.1%.
North American sales for the three months ended March 31, 2007 increased to approximately $1,707,000, a 14.6% increase, as compared to sales of approximately $1,489,000 for the three months ended March 31, 2006. The increase in North American sales was principally due to an increase in the sale of machines of approximately $129,000 and an increase in the sale of spare parts of approximately $89,000. Foreign sales were approximately $1,094,000 for the three months ended March 31, 2007, compared to $1,662,000 for the three months ended March 31, 2006, a decrease of $568,000, or 34.2%. The decrease in foreign sales was principally due to a decrease in the sale of machines of approximately $295,000 and a decrease in the sale of spare parts of approximately $273,000. The overall decrease in sales was principally due to the delay in shipment of two (2) production units and four (4) smaller units until the second quarter of fiscal 2007. The total value of these units represent approximately $820,000 in sales.
Cost of Goods Sold
Cost of goods sold for the three months ended March 31, 2007 was approximately $1,194,000, or 42.6% of revenue, compared to $1,447,000, or 45.9% of revenue, for the comparable prior year period. The decrease in cost of goods sold in absolute dollars for the three months ended March 31, 2007, reflects the decrease in sales. The Company's major product lines have different profit margins, as well as multiple profit margins within each product line. The decrease in cost of goods sold as a percentage of sales is primarily attributable to i) the delay in the shipment of two (2) production units having a lower gross profit margin than laboratory units, ii) a decrease in sales to our distributor in Japan who purchases machines and spare parts from the Company at a discount, and iii) an increase in the average sales price per unit compared to the three months ended March 31, 2006.
Research and Development Expenses
Research and development expenses for the three months ended March 31, 2007 were approximately $536,000, compared to $397,000 for the comparable prior year period, an increase of approximately $139,000, or 35.0%. The increase in research and development expenses was primarily due to planned increases in payroll and related costs of approximately $69,000, and development costs related to product enhancements of approximately $56,000.
Selling Expenses
Selling expenses for the three months ended March 31, 2007 were approximately $824,000, compared to $616,000 for the comparable prior year period, an increase of $208,000, or 33.8%. The increase is primarily attributable to a planned increase in payroll and related costs of approximately $95,000, an increase in commission expense of approximately $49,000 resulting from higher North American and European sales of products having higher commission rates, and an increase in occupancy costs of approximately $21,000.
General and Administrative Expenses
General and administrative expenses for the three months ended March 31, 2007, were approximately $677,000, compared to $622,000 for the comparable prior year period, an increase of $55,000, or 8.8%. The increase in general and administrative expenses is principally due to i) an increase in consultant costs primarily related to compliance with Sarbanes Oxley of approximately $44,000,
ii) an increase in planned payroll and related costs of approximately $27,000, and iii) an increase in public relations costs of approximately $17,000. These increases were partially offset by a decrease in professional fees of approximately $38,000 due primarily to the absence of costs related to filing of a registration statement which were incurred during the three months ended March 31, 2006.
Interest Income and Expense
Interest expense for the three months ended March 31, 2007 was approximately $8,000 compared to $9,000 for the comparable prior year period, a decrease of approximately $1,000 or 11.1%.
--------------------------------------------------------------------------------
Interest income for the three months ended March 31, 2007 was approximately $21,000 compared to $10,000 for the comparable prior year period, an increase of $11,000 or 110.0%. The increase is due to an increase in cash available for investment, principally from the collection of trade receivables.
Income Tax Provision
For the three months ended March 31, 2007, the Company recognized no tax provision due to the loss from operations. For the three months ended March 31, 2006, the Company recognized a tax provision of $27,000 at the Company's expected annualized effective tax rate of approximately 40%.
Liquidity and Capital Resources
As of March 31, 2007, the Company had approximately $1,956,000 in cash and cash equivalents, compared to $1,860,000 as of December 31, 2006. The Company generated cash of $129,000 and $72,000 from operations for the three months ended March 31, 2007 and 2006, respectively. For the three months ended March 31, 2007, the Company generated cash by a decrease in trade accounts receivables, partially offset by the loss from operations, an increase in inventories, prepaid expenses and other assets, and a decrease in current liabilities. The increase in inventories was primarily a result of the delay in shipment of the previously discussed units. For the three months ended March 31, 2006, the Company's principal operating cash requirements were to fund its increase in inventory due to production requirements for orders, other prepaid and current assets; offset by its income from operations, decrease in current liabilities, and a decrease in trade receivables.
The Company used cash of $22,000 and $14,000 for investing activities for the three months ended March 31, 2007 and 2006, respectively. Net cash used by investing activities for the three months ended March 31, 2007 and 2006 were for the purchase of capital equipment.
The Company used cash of $11,000 and $44,000 for financing activities for the three months ended March 31, 2007 and 2006, respectively. Net cash used for financing activities for the three months ended March 31, 2007 and 2006 were for principal payments on the term loan and capital equipment loans, partially offset by proceeds from the issuance of common stock for options exercised and proceeds from stock issued from the employee stock purchase plan.
As of March 31, 2007, the Company maintains a revolving credit and term loan agreement (the "Credit Facility") with Banknorth, N.A., providing the Company with a $1,000,000, four-year revolving credit line and a $1,000,000 four-year term loan facility. As of March 31, 2007, there was no balance due under its revolving credit line and a balance of $250,000 under its term loan facility.
The Company's contractual obligations as of March 31, 2007 are as follows:
Total as of Payable During Payable Payable
(in thousands) March 31, 2007 Remainder of 2007 in 2008 in 2009
Term note $ 250 $ 188 $ 62 $ -
Operating leases 1,147 313 417 417
Capital leases 10 7 3 -
$ 1,407 $ 508 $ 482 $ 417
Assuming that there is no significant change in the Company's business, the Company believes that cash flows from operations, together with the Credit Facility, and the existing cash balances, will be sufficient to meet its working capital requirements for at least the next twelve months.
Question for the board,
I like what I see in this company and chart. In the April news release they stated the shortfall of earnings was due to 2 large orders that did not occur in 1st qtr but were delayed till 2nd qtr. There is alway a chance they will not close in the 2nd qtr, but if they do this stock should expect a mighty bounce.
Agreed?
Form 8-K for MFIC CORP
2-May-2007
Entry into a Material Definitive Agreement, Change in Directors or Principal Officers,
Item 1.01 Entry into a Material Definitive Agreement.
As of April 26, 2007 (the "Effective Date"), MFIC Corporation (the "Company") entered into the following agreements with each of Robert P. Bruno, Dennis Riordan and Jack M. Swig.
Robert P. Bruno
As of the Effective Date, the Company entered into an Executive Employment Agreement (the "Bruno Agreement") with Robert P. Bruno, the Company's President and Chief Operating Officer. Under the Bruno Agreement, Mr. Bruno will continue in such positions until at least June 30, 2008 (the "Target Date"), at which point Mr. Bruno will become an "at will" employee.
Mr. Bruno will continue to receive the same salary and benefits provided to him as of the Effective Date.
In the event that (i) Mr. Bruno is terminated for Cause (as defined in the Bruno Agreement), (ii) Mr. Bruno voluntarily terminates his employment for a reason other than Good Reason (as defined in the Bruno Agreement) or (iii) Mr. Bruno dies or becomes Permanently Disabled (as defined in the Bruno Agreement), the Company will have no obligation to provide Mr. Bruno with any compensation or severance package, except for salary and benefits accrued prior to the termination of employment.
In the event that Mr. Bruno is terminated without Cause or Mr. Bruno voluntarily terminates his employment for Good Reason, Mr. Bruno will be entitled to a severance package comprised of the value of his base salary through and including the Target Date plus an amount equal to six (6) months of his base salary at the rate in effect on the date of his termination. In addition, the Company will continue to provide Mr. Bruno (and his spouse, if applicable) medical and dental insurance coverage as well as pre-existing life insurance coverage from the date of his termination through December 31, 2008.
Mr. Bruno may, upon written notice to the Company at least thirty (30) days prior to the Target Date, terminate his employment effective as of the Target Date. Upon such termination, Mr. Bruno will be entitled to receive an amount equal to six (6) months of his base salary at the rate in effect on the Target Date (the "Bruno Termination Payment"). In addition, the Company will continue to provide Mr. Bruno (and his spouse, if applicable) medical and dental insurance coverage as well as pre-existing life insurance coverage from the Target Date through December 31, 2008.
If Mr. Bruno does not exercise his right to receive the Bruno Termination Payment and continues his employment with the Company after the Target Date, he will be entitled to receive the Bruno Termination Payment if the Company terminates his employment after the Target Date without Cause.
The description of the Bruno Agreement provided above is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed as Exhibit 10.1 to this report and incorporated by reference into this Item 1.01.
Dennis Riordan
As of the Effective Date, the Company entered into an Executive Employment Agreement (the "Riordan Agreement") with Dennis Riordan, the Company's Controller. Under the Riordan Agreement, Mr. Riordan will continue in such position until at least the Target Date, at which point Mr. Riordan will become an "at will" employee.
Mr. Riordan will continue to receive the same salary and benefits provided to him as of the Effective Date.
In the event that (i) Mr. Riordan is terminated for Cause (as defined in the Riordan Agreement), (ii) Mr. Riordan voluntarily terminates his employment for a reason other than Good Reason (as defined in the Riordan Agreement) or (iii) Mr. Riordan dies or becomes Permanently Disabled (as defined in the Riordan Agreement), the Company will have no obligation to provide Mr. Riordan with any compensation or severance package, except for salary and benefits accrued prior to the termination of employment.
In the event that Mr. Riordan is terminated without Cause or Mr. Riordan voluntarily terminates his employment for Good Reason, Mr. Riordan will be entitled to a severance package comprised of the value of his base salary through and including the Target Date plus an amount equal to six (6) months of his base salary at the rate in effect on the date of his termination. In addition, the Company will continue to provide Mr. Riordan (and his spouse, if applicable) medical and dental insurance coverage as well as pre-existing life insurance coverage from the date of his termination through December 31, 2008.
Mr. Riordan may, upon written notice to the Company at least thirty (30) days prior to the Target Date, terminate his employment effective as of the Target Date. Upon such termination, Mr. Riordan will be entitled to receive an amount equal to six (6) months of his base salary at the rate in effect on the Target Date (the "Riordan Termination Payment"). In addition, the Company will continue to provide Mr. Riordan (and his spouse, if applicable) medical and dental insurance coverage as well as pre-existing life insurance coverage from the Target Date through December 31, 2008.
If Mr. Riordan does not exercise his right to receive the Riordan Termination Payment and continues his employment with the Company after the Target Date, he will be entitled to receive the Riordan Termination Payment if the Company terminates his employment after the Target Date without Cause.
The description of the Riordan Agreement provided above is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed as Exhibit 10.2 to this report and incorporated by reference into this Item 1.01.
Jack M. Swig
As of the Effective Date, the Company entered into an Executive Employment Agreement (the "Swig Agreement") with Jack M. Swig, the Company's Vice President Corporate Development, Investor Relations Manager and General Counsel. Under the Swig Agreement, Mr. Swig will continue in such positions until at least the Target Date, at which point Mr. Swig will become an "at will" employee.
Mr. Swig's base salary under the Swig Agreement is $150,000 per year. He will continue to receive the same benefits provided to him as of the Effective Date.
In the event that (i) Mr. Swig is terminated for Cause (as defined in the Swig Agreement), (ii) Mr. Swig voluntarily terminates his employment for a reason other than Good Reason (as defined in the Swig Agreement) or (iii) Mr. Swig dies or becomes Permanently Disabled (as defined in the Swig Agreement), the Company will have no obligation to provide Mr. Swig with any compensation or severance package, except for salary and benefits accrued prior to the termination of employment.
In the event that Mr. Swig is terminated without Cause or Mr. Swig voluntarily . . .
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Please see the disclosure under Item 1.01 herein.
Item 8.01 Other Events.
Effective April 27, 2007, Christopher Werner, Vice President of Engineering of the Company's subsidiary, Microfluidics Corporation ("Microfluidics"), resigned from his position with Microfluidics.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibits are hereby filed as part of this Current Report on Form 8-K:
Number Exhibit
10.1 Executive Employment Agreement dated as of April 26, 2007 by and between
MFIC Corporation and Robert P. Bruno.
10.2 Executive Employment Agreement dated as of April 26, 2007 by and between
MFIC Corporation and Dennis Riordan.
10.3 Executive Employment Agreement dated as of April 26, 2007 by and between
MFIC Corporation and Jack M. Swig.
Alert Triggered for MFIC Corp.
MFIC's Trading Volume Exceeded Daily Average by 210.7%
MFIC is up $0.13 or 7.83% to $1.79 on heavy volume that exceeded its daily average by 210.7%. This performance is better than the broader averages as the S&P 500 is up 0.79% on the day.
Please note you will receive only one "Trading Volume Exceeds Daily Average" alert per day for MFIC Corp.
To the anticipated new CEO of MFIC:
Crank up business to Eastern Europe based on this from BusinessWeek.com today:
Russia to invest $1B in nanotechnology
April 18, 2007, 12:47PM EST
Russia will pour over $1 billion into equipment for nanotechnology research over the next three years as it uses massive oil and gas export earnings to diversify an economy now heavily dependent on raw materials, First Deputy Prime Minister Sergei Ivanov said Wednesday.
"Nanotechnology is a very promising scientific and technical field, capable of fundamentally changing the model of the Russian economy ... from a fuel economy to an economy of the future," Ivanov said after a meeting Wednesday at the Kurchatov nuclear and scientific research institute, which was attended by President Vladimir Putin.
Nanotechnology is an emerging field that works with microscopic particles the size of atoms.
Ivanov, considered a possible candidate for Kremlin support to replace Putin after presidential election next March, said Putin had chosen him to head a council that will supervise spending on the nanotechnology effort under a program being developed by the government.
He said spending would amount to 28 billion rubles ($1.1 billion) over the next three years.
Since the start of Putin's presidency in 2000, Russia has earned an estimated $750 billion from oil and gas sales, according to Moscow-based Alfa Bank. Putin has repeatedly stressed the importance of freeing the economy from its dependence on commodities markets and turning it toward a more high-tech, knowledge-based model.
"Russia's economic potential has been restored, the possibilities for major scientific research are opening up," Putin said. "The concentration of our resources should stimulate the development of new technologies in our country. This will be key also from the point of view of the creation the newest, modern and supereffective weapons systems."
Ivanov predicted that 90 percent of nanotechnology developments would be used for civilian purposes and 10 percent for military purposes.
The nanotechnology effort will be coordinated at the Kurchatov institute, Ivanov said.
Anybody see the action of that other nanotech capital equipment stock that reported EPS of 8 cents for Q4/06 and broke $8 today, CVV? This could be a roadmap for MFIC's stock price should new management realize its earnings potential in short order. MFIC is a scremaing buy at the present price of 1.76 IMHO.
From ProcessingTalk:
http://www.processingtalk.com/news/mir/mir107.html
SI out of business ! Or how do we get back on ? TIA
Wow. It had to happen sometime, but I don't think anyone saw that coming now.
I would have to think the stock will respond very favorably next week - not as a poor reflection on Mr. Gruverman, but more in optimism that new blood can turn MFIC into a more dynamic and higher visibility company.
MFIC CEO retires:
MFIC Corporation Announces Retirement of Irwin Gruverman as Chairman of the Board And CEO
Friday April 6, 3:42 pm ET
NEWTON, Mass.--(BUSINESS WIRE)--MFIC Corporation ("MFIC" or the "Company") announced today that Irwin Gruverman, Chairman of the Board and Chief Executive Officer of MFIC, has announced that he is stepping down from the Chairmanship and CEO positions effective April 6, 2007.
ADVERTISEMENT
Mr. Gruverman, 74, founded the Company in 1982 and has continuously served as its Chairman of the Board, Chief Executive Officer and, for periods of time, its President. Mr. Gruverman will continue to serve as a director of the Company and will act as Chairman Emeritus and continue to serve the Company on a limited basis.
James N. Little, Ph.D., the Company's senior outside director will assume the duties of interim Chairman of the Board while the Company undertakes a search for a new Chief Executive Officer. Dr. Little has served as a Director of the Company since December 1995 and is currently an independent consultant to companies in the scientific instrumentation industry. Previously, Dr. Little was the President of Cetek Corporation, a biotechnology drug discovery company, and was a senior executive in several scientific instrumentation companies including Waters Corporation and Zymark Corporation (now part of Caliper Life Science).
Dr. Little commented, "Mr. Gruverman has long been at the forefront of applied nanotechnology, the benefits of which are only now beginning to be understood and realized. It was Irv's recognition of the critical importance of building equipment capable of creating nanoparticles that led to the formation of the Company in 1982. Since that time, and under his direction, MFIC's equipment has been adopted by hundreds of customers in the biotech, pharmaceutical, chemical/coatings, personal care and food industries seeking to create innovative products or to greatly improve the size and uniformity and functionality of a wide variety of existing products and formulations. Irv used his considerable technical knowledge, energy and tenacity to promote the benefits of what is now known as nanotechnology through particle size reduction via our proprietary Microfluidizer® processor systems. Moreover, it was Irv who spearheaded the development of MFIC's increasingly larger and more complex equipment and systems that have caused the Company to take a leading position in the products formulation arena. In the last decade, Irv has been a tireless crusader for the commercial establishment of Microfluidics Reactor Technology, which enables the creation of formulations at the nano level through the development of chemical reactor systems based on Microfluidics technology and products."
"Irv's dedication and outstanding contribution to the growth and success of the Company, and the advancements of nanomanufacturing and nanoscale products cannot be stressed enough" added Dr. Little.
"Having spent 25 years in my efforts at the Company, I am looking forward to pursuing some of my other interests and to seeing a new generation of management take the Company to the next level", stated Mr. Gruverman.
The Company is appreciative of Mr. Gruverman's contributions and wishes him the best.
About MFIC CORPORATION
MFIC Corporation, through its Microfluidics Division, provides patented and proprietary high performance Microfluidizer® materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. The equipment enables the manufacture and formulation of numerous nanomaterials and nanoscale products. MFIC applies its 20 years of high pressure processing experience to produce the most uniform and smallest liquid and suspended solid structures available, and has provided manufacturing systems for more than 15 years.
The Company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production. More than 3,000 systems are in use and afford significant competitive and economic advantages to MFIC equipment customers. For more information please visit http://www.microfluidicscorp.com/
Contact:
MFIC Corporation
Robert P. Bruno, 617-969-5452
Fax 965-1213
President & COO
or
Jack M. Swig, 617-969-5452
Fax 965-1213
Investor Relations
info@mfics.com
--------------------------------------------------------------------------------
Source: MFIC Corporation
From a poster on another board who listened to CC:
By: mechgator
02 Apr 2007, 05:56 PM EDT
Msg. 11599 of 11605
Jump to msg. #
re: the conference call
From listening to the conference call, I also did not get the impression at all that 2007 will be bad, as many here seem to imply.
As you all know, Irv and the management, have historically been quite matter-of-factly and even conservative in the overall assessment.
He even stated that he himself does not even know what the actual final sales # for Q1 is gonna be since it just closed on Friday.
Irv repeatedly stated that this is a capital goods company, which translates into a potentially bumpy sales curve.
Looking for another IR firm to replace Kawoski (spelling). Finding a replacement is a prority
To be eligible for AMEX application, share has to be above $3 for 30 days. So at this stage, the company is not eligible yet.
Currently working with Umass/Lowell on three separate projects, although 'promising', it is still quite 'speculative' (I am quoting the words from Irv himself)
at this stage whether these will translate into successful ventures.
My take,
Overall, not a lot of positive news were reported, this added to the dissappointment of a missed quarter (altough fully explained by the management) and the reported
fact that Pfizer had unloaded its stake, contributed to the overall gloominess. IMHO the fact that Pfizer unloaded its stake (until Feb 07) should be a positive, which removed
a large overhang out of the stock (again words from Irv). I agree that the stock my not move much for a few months, but at this stage, a lot of bad news have already been priced into
the shares. While I am very dissappointed as everyone here, I will continue to add to my position. The story of this company is yet to be told.
(note: many of the longs had for a long time trumpeted the fact that Pfizer, had owned the said stake, which I always thought to be neutral or even slightly negative given the non-strategic
nature of its involvement. Irv himself stated today that Pfizer merely had its MFIC has an entry on its book, and never tried to contact the mgt about its intention about its stale)
Looks like this is the bad news causing the big drop-can't believe it.
MFIC Corporation Comments on Preliminary Revenues for the First Quarter of 2007
11:44a ET April 2, 2007 (Business Wire)
MFIC Corporation ("MFIC" or the "Company")(OTCBB: MFIC) announced today that it anticipates that revenues for the first quarter of 2007 will be significantly lower than the $3.2 million revenues posted in the first quarter of 2006. As a result of the lower first quarter 2007 revenues, the Company anticipates reporting a loss for the period. Delays in shipping of two production Microfluidizer processor systems, valued in the aggregate at approximately $644,000, is the primary reason for the lower revenue result. Final testing of one system in the last week of the quarter encountered a technical difficulty which could not be resolved quickly; the second delay was caused by issues regarding scheduling of the final testing process before the quarter's end. Both production units are anticipated to be booked as revenue in the second quarter of 2007.
As stated in prior filings and releases, capital goods manufacturers, such as MFIC, often experience uneven sequential quarterly revenues, and the December 31, 2006 and March 31, 2007 quarterly results are an example of this. Revenue recognition is dependent on a customer's acceptance of the equipment's performance. Delays in customer acceptance can significantly impact the amount of revenue recognized in a specific accounting period.
Order backlog as of March 31, 2007 was $2.9 million as compared to $3.5 million as of March 31, 2006 and $3.0 million as of December 31, 2006. Management remains optimistic regarding financial performance in 2007.
As previously announced, MFIC will hold an investor conference call beginning at 1:00 PM Eastern time on April 2, 2007. The domestic call in number is (800)370 0898 and the Conference I.D. number is 8634648. For those who cannot listen and participate in the live event, it is anticipated that a replay of the call will be available on the Company's website: www.mficcorp.com later this week.
FORWARD LOOKING STATEMENT:
Looks like they were already sold.. how is that bad news? You left this part out........
The Pfizer shares were acquired by its predecessor in interest, G.D. Searle, Inc.
In response to a questionnaire circulated in connection with the preparation of MFIC's 2007 Proxy Statement Pfizer supplied records indicating that it sold the shares in the public market in varying size lots between December 2005 and February 2007.
bad news...
Institutional Holder Has Liquidated More Than Five Percent Holding in MFIC
Monday April 2, 11:45 am ET
NEWTON, Mass.--(BUSINESS WIRE)--MFIC Corporation ("MFIC" or the "Company")(OTCBB: MFIC - News) announced today that it recently received notification that Pfizer Inc. ("Pfizer") had liquidated its position, approximately 600,000 shares, or approximately 6%, of the outstanding common stock of MFIC.
MFIC Reports Revenue Boost
Boston Business Journal
10:18 AM EDT Friday, March 30, 2007
MFIC Corp., a maker of processing equipment for biotechnology and other industries, reported higher revenue and net income for its 2006 fiscal year, thanks to higher sales demand from laboratory clients.
The Newton, Mass., company (OTCBB: MFIC) said it generated $15.6 million in revenue for the fiscal year ending Dec. 31, compared with $11.6 million in revenue during the same period in 2005.
Net income for 2006 reached $1.28 million, up from a net loss of just under $1 million in fiscal 2005.
For the fiscal 2006 fourth quarter, MFIC generated $5 million in revenue, up from $3 million in revenue in the fiscal 2005 fourth quarter. MFIC produced $1 million in net income during the quarter, versus a loss of about $500,000 in the fiscal 2005 fourth quarter.
Company president and COO Robert Bruno said in a statement that laboratory unit sales, along with production systems for biopharmaceutical clients, helped generate more sales growth.
The company produces and sells processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care and food industries.
MFIC Stock Surges Up on Record Quarterly and Annual Results
By Bolton Flautt
MN1 Staff Writer
NEWTON, Mass. (March 29, 2007) -- Shares of MFIC Corp. (OTCBB: MFIC) closed up 31 cents to $2.65 per share on volume of over 131 thousand shares. The company announced record quarterly and annual results in a press release today.
MFIC reported 2006 fourth quarter revenues of $5.04 million compared to $3.06 million for the fourth quarter of 2005, representing a 64 percent increase. Fourth quarter net income was $1 million, or 10 cents per share, compared with a net loss of $539 thousand, or 6 cents per share, in the fourth quarter of 2005. MFIC achieved significantly higher quarterly bookings than in all comparable quarters in 2005, leading to achievement of two quarterly revenue records.
In a press release, Robert P. Bruno, president and chief operating officer of MFIC, said “We are pleased with our revenue growth recorded in both the fourth quarter and 2006. The increase in the number of laboratory unit sales and, in particular, the strong demand for the Company’s improved M-110EH-30 system, introduced in the last quarter of 2005 played a large part in our growth.”
The company also reported annual results for its fiscal year ended December 31, 2006. Revenues for 2006 were $15.6 million compared to revenues of $11.6 million for 2005, representing an increase of 34 percent. The company reported net income of $1.28 million, or 12 cents per share, for 2006 compared to a net loss of $989 thousand, or 10 cents per share, for 2005.
In 2006, the company signed a new five-year lease for its administrative, sales and manufacturing facilities which allowed them to begin a major expansion and improvement of production space and operations, and to commence construction on a new, upgraded applications laboratory.
“We are gratified by the financial results posted for fiscal 2006. For 2006 and the fourth quarter our revenues were above our internal projections and we were solidly profitable,” says Irwin Gruverman, chief executive and chairman of MFIC. “In 2006 we realized, in part, the benefit of our substantial and continuing investment in R&D, infrastructure development, marketing and sales.”
“For 2007, we expect growth in new products such as our M-110EH-30, the M-7250, and standardized systems for the Biopharmaceutical industries along with others to fuel continued expansion in market share,” added Bruno.
The company will hold a live conference call to discuss its fourth quarter and fiscal 2006 financial results beginning at 1:00 pm EST on April 2, 2007.
MFIC, through its Microfluidics Division, provides patented and proprietary high performance Microfluidizer materials processing equipment to the biotechnology, pharmaceutical, chemical, cosmetics/personal care, and food industries. The company is a leader in advanced materials processing equipment for laboratory, pilot scale and manufacturing applications, offering innovative technology and comprehensive solutions for nanoparticles and other materials processing and production.
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Microfluidizer® High Shear ProcessorsMicrofluidics, a division of Microfluidics International Corporation, pioneered the Microfluidizer® high pressure fluids processor which delivers unique product capabilities, including unparalleled cell disruption rates, particle size reduction to nano-sized particles for dispersions, emulsions, liposomes, and deagglomerations. Microfluidizer processors are used in research and development laboratories, as well as pilot and production manufacturing operations, where scaleup on your product is guaranteed. The Microfluidizer high shear processor technology is widely used to formulate innovative new products in the pharmaceutical, biotechnology, food, chemical and personal care industries. Download a pdf of our General Brochure.
Learn more about Microfluidizer processors and how they compare to traditional homogenizers and mills. Microfluidics offers a complete line of Microfluidizer® fluid processors for deagglomeration and dispersion of uniform submicron particles and creation of stable emulsions and dispersions. Microfluidizer processors overcome limitations of conventional processing technologies by utilizing high-pressure streams that collide at ultra-high velocities in precisely defined microchannels. Combined forces of shear and impact act upon products to create finer, more uniform dispersions and emulsions than can be produced by any other means. To see how a Microfluidizer processor works watch our flash demo now. Our applications laboratory can help you develop innovative products or investigate reformulation of existing products to new levels of quality. And, with all Microfluidizer fluids processors, Microfluidics guarantees scaleup. Follow the links to see some of our specific high shear processors, which we manufacture in several sizes for a variety of uses. Or schedule a Free On-Site Demonstration or a Free Sample Test in our Laboratory. As part of its global distribution expansion plans, Microfluidics has increased its presence with new sales representatives and partnerships in
More details one each partner can be found on the 'rep section ' of the web site.
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http://www.microfluidicscorp.com/
Microfluidics, a division of MFIC Corporation, pioneered the Microfluidizer® high pressure fluids processor which delivers unique product capabilities, including unparalleled cell disruption rates, particle size reduction to nano-sized particles for dispersions, emulsions, liposomes, and deagglomerations. Microfluidizer processors are used in research and development laboratories, as well as pilot and production manufacturing operations, where scaleup on your product is guaranteed. The Microfluidizer high shear processor technology is widely used in the pharmaceutical, biotechnology, digital ink, microelectronics, food, chemical and personal care industries.
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