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I will not be selling until we hit double digits!
Taglich Brothers comments on MFIC's spectacular Q4 and Taglich's lowball estimates:
What's New
On March 29, 2007, MFIC Corporation (OTC BB: MFIC) reported results for its fourth quarter and fiscal year ended December 31, 2006 versus the same period in 2005.
For the quarter, the Company reported that revenues increased 64% to $5.0 million from $3.1 million. MFIC reported fourth quarter net income of $1.0 million or $0.10 per diluted share versus a net loss of $0.5 million or $(0.06) per share.
For fiscal 2006, the Company reported that revenues increased 34% to $15.7 million from $11.6 million. MFIC reported fiscal 2006 net income of $1.3 million or $0.12 per diluted share versus a net loss of $1.0 million or $(0.10) per share.
In comparison, Taglich Brothers’ estimates called for fourth quarter and fiscal 2006 revenues of $3.8 million and $14.4 million, respectively, and fourth quarter and fiscal 2006 net income of $0.1 million or $0.01 per diluted share and $0.4 million or $0.04 per diluted share, respectively.
So, shmoopy; did you just answer my question? Sell at $6 plus :).
Wow, just got home and checked TDA acct. and immediately knew news was good. Now, another problem-when do I sell,lol.
With MFIC I think this is still the top of the first inning. I cannot believe my eyes that with a 10 cent Q4 EPS quarter the stock is still only 2.65! There are only 10 million shares here with the CEO, Pfizer and a new individual investor controlling 30%. The conference call on Monday at 1PM EST should be very revealing if they provide further details about the new nanotech equipment demand that they are realizing.
MFIC Corporation Announces Record Fiscal 2006 and Quarterly Results
Thursday March 29, 3:03 pm ET
Company Posts Significant Profit for Quarter and for Year
NEWTON, Mass.--(BUSINESS WIRE)--(OTCBB: MFIC - News) MFIC Corporation ("MFIC" or the "Company") reported today its 2006 year-end and fourth quarter financial results.
For the year ended December 31, 2006, revenues were $15.6 million, an increase of more than $4 million, or 34%, as compared with $11.6 million for the comparable period in 2005. For 2006, the Company posted net income of $1.28 million or $0.12 per diluted share, as compared with a net loss of $.989 million, or $0.10 per diluted share for fiscal 2005.
For the quarter ended December 31, 2006, the Company reported revenues of $5.04 million as compared with $3.06 million in the comparable period in 2005, representing a 64% increase. Net income in the fourth quarter of 2006 was $1.0 million, or $0.10 per diluted share, compared with a net loss of $.539 million, or $0.06 per diluted share in the comparable period in 2005. The fourth quarter 2006 results include a $228,000 income tax benefit while the fourth quarter of 2005 included an income tax provision in the amount of $262,000.
On December 31, 2006, the Company had a backlog of $3.1 million, as compared with $2.8 million at December 31, 2005 and a $4.9 million backlog at September 30, 2006.
Robert P. Bruno, President & C.O.O. stated "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 delivered several production systems for Biopharmaceutical applications, one of which was our newly standardized M-7250 system. This system included our Constant Pressure feature with Ultra Clean in Place (UCIP) and Steam in Place (SIP) for aseptic processing of drugs. These features enable our pharmaceutical customers to be compliant with cGMP regulatory requirements. The new Biopharmaceutical system architecture integrates all machine controls, functions and data recording onto a single common platform."
Mr. Bruno added, "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."
Irwin Gruverman, CEO and Chairman stated "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.
In 2006 we realized, in part, the benefit of our substantial and continuing investment in R&D, infrastructure development, marketing and sales. We believe that the developments achieved in the past few years in both product improvements and equipment features, combined with ongoing applications development, will keep us in a leadership position and drive continued growth in 2007 and beyond.
We must emphasize that in 2006, and particularly in the fourth quarter, the Company benefited from a strong capital equipment demand, as evidenced by the backlog going into the fourth quarter. As a capital equipment manufacturer, future quarterly revenues may fluctuate significantly."
Mr. Gruverman added, "We continue to experience positive trends in equipment inquiry and sales quotation, sales bookings and backlog, which increased to $3.6 million as of March 23, 2007."
Fourth Quarter and 2006 Company Highlights
Sold an unprecedented number of laboratory units and experienced strong demand, in particular for the improved Model M-110EH-30 introduced in late 2005.
Introduced and shipped the first newly standardized M-7250 system for the Biopharmaceutical industry, which includes our Constant Pressure feature with Ultra Clean In Place and Steam in Place (SIP). The system incorporates our new system architecture integrating the machine, all machine controls, functions and data recording onto a single common platform. Programmable Logic Control (PLC) is also integrated to manage and record sensor signals, system alarms, and interlocks. The PLC will process all of this captured information chronologically to provide the customer with real time "Event Log" data for cGMP monitoring and to assure that the machine will perform correctly during adverse events.
Signed a new 5 year lease for the Company's administrative, sales, and manufacturing facilities which allowed us to begin a major expansion and improvement of production space and operations and to commence construction on a new, upgraded Applications Laboratory.
Achieved significantly higher quarterly bookings than in all comparable quarters in 2005, leading to achievement of two quarterly revenue records.
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.
MFIC CORPORATION
Consolidated Condensed Statements of Operations
(in thousands, except share and per share amounts)
Year Ended Fourth Quarter Ended
December 31, December 31,
----------------------------------------------------------------------
2006 2005 2006 2005
----------------------------------------------------------------------
Revenues $15,654 $11,645 $5,040 $3,064
----------------------------------------------------------------------
Cost of goods sold 7,001 5,918 2,195 1,635
----------------------------==========================================
Gross profit 8,653 5,727 2,845 1,429
----------------------------------------------------------------------
Total operating expenses 7,449 6,498 2,064 1,701
----------------------------==========================================
Operating income (loss) 1,204 (771) 781 (272)
----------------------------------------------------------------------
Interest expense (35) (59) (6) (13)
----------------------------------------------------------------------
Interest income 50 26 19 8
----------------------------------------------------------------------
Net income (loss) from
operations before income
tax provision (benefit) 1,219 (804) 794 (277)
----------------------------------------------------------------------
Income tax (benefit)
provision (58) 185 (228) 262
----------------------------================================----------
Net income (loss) 1,277 (989) 1,022 (539)
----------------------------==========================================
Weighted average number of
common and common
equivalent shares
outstanding:
----------------------------------------------------------------------
Basic 10,012,685 9,756,221 10,079,366 9,854,068
----------------------------------------------------------------------
Diluted 10,611,635 9,756,221 10,678,316 9,854,068
----------------------------------------------------------------------
Basic amounts per common
share:
----------------------------------------------------------------------
Net income (loss) per share $0.13 $(0.10) $0.10 $(0.06)
----------------------------------------------------------------------
Diluted amounts per common
share:
----------------------------------------------------------------------
Net income (loss) per share $0.12 $(0.10) $0.10 $(0.06)
----------------------------==========================================
Condensed Consolidated Balance Sheets
December 31,
----------------------------------------------------------
2006 2005
----------------------------------------------------------
Current Assets $7,857 $5,734
----------------------------------------------------------
Current Liabilities $2,213 $1,461
----------------------------------------------------------
Stockholders' Equity $5,948 $4,426
----------------------------------------------------------
Equity Per Share $0.56 $0.45
----------------------------------------------------------
Notice to Investors/Stockholders
MFIC will hold a live conference call to discuss the Company's fourth quarter and fiscal year end financial results 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 by mid-to-end of the week.
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
Irwin Gruverman
CEO & Chairman
or
Robert P. Bruno
President & COO
or
Jack M. Swig
Investor Relations
617-969-5452
Fax 617-965-1213
info@mfics.com
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Source: MFIC Corporation
MMR news from latest 10-K:
Microfluidizer Mixer/Reactor (MMR). The Company has introduced its patented Microfluidizer Mixer/Reactor (MMR) system as a continuous chemical reactor, which the Company believes may become a standard device for conducting chemical reactions, many of which can be configured to produce nanoparticles. This system produces uniform nanoparticles on a continuous (versus batch) basis with phase purity previously unachievable with conventional batch reaction technology. This degree of reaction chemistry control can lead to cost-effective product improvements and the development and manufacture of new nanomaterials in scalable quantities. Applications for the new technology include improving the performance of catalysts, planarization polishing media, superconductors, abrasive silica, recording media, photographic media and pigments. It also may be used in the development and production of unique pharmaceutical products as well as the conversion of existing insoluble drugs to nanosuspension forms which are then deliverable by conventional means and with high bioavailability. The Company is proceeding with projects involving other companies seeking to optimize or enable drug delivery, catalysts and coatings products, as well as an internal program on nanopolymer creation for drug delivery and other applications. The Company believes that it cannot accurately assess or anticipate either the timing of receipt of an order or the delivery of its first MMR laboratory development systems. However, management believes that such event will occur in the foreseeable future. The Company believes that the MMR systems and technology will make it a leader in the provision of systems for continuous production of uniform, reproducible, microparticles, nanoparticles and nanodroplets involving fast chemical reactions. A recent breakthrough has allowed design of a modified Microfluidizer with capabilities to handle most continuous reaction applications. This simpler equipment design is expected to result in a lower cost system which should accelerate interest in MMR systems.
Form 10-K for MFIC CORP
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29-Mar-2007
Annual Report
Item 7. 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." 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
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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 (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.
Results of Operations
Year Ended December 31, 2006 vs. December 31, 2005
Revenues
Total revenues for the years ended December 31, 2006 were approximately $15,654,000, as compared to revenues of $11,645,000 for the comparable prior year, an increase of approximately $4,009,000, or 34.4%.
North American sales for the year ended December 31, 2006 increased to approximately $8,636,000, a 43.3% increase, as compared to sales of approximately $6,028,000 for the year ended December 31, 2005. The increase in North American sales was principally due to an increase in the sale of machines of approximately $2,922,000, partially offset by a decrease in the sale of spare parts of approximately $314,000. Foreign sales were approximately $7,018,000 for the year ended December 31, 2006, compared to $5,617,000 for the year ended December 31, 2005, an increase of $1,401,000, or 24.9%. The increase in foreign sales was principally due to an increase in the sale of machines of approximately $1,466,000, partially offset by a decrease in the sale of spare parts of approximately $65,000. The overall increase in sales was due to two factors: (i) the number of machines sold increased over 2005, and (ii) the Company instituted an overall price increase of 10% for standard machines effective in the first quarter of fiscal 2006.
Cost of Goods Sold
Cost of goods sold for the year ended December 31, 2006 was approximately $7,001,000, or 44.7% of revenue, compared to $5,918,000, or 50.8% of revenue, for the comparable prior year. The increase in cost of goods sold in absolute dollars for the year ended December 31, 2006, reflects the overall increase 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 attributable to (i) an average price increase of 10% for standard machines effective in the first quarter of fiscal 2006, (ii) a higher volume of machines sold, and (iii) a product mix having more favorable overall gross margins. In addition, the Company also sold a non-standard piece of equipment (the "Non-Standard Equipment") in the year ended December 31, 2005 at a selling price which approximated the cost of the equipment resulting in a higher cost of goods as a percentage of revenues for that period. This Non-Standard Equipment was built and supplied to demonstrate certain advanced features and capabilities that are now offered as optional features on the M700 line of equipment. Cost of goods sold for products other than the Non-Standard Equipment was 49.6% in 2005.
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Research and Development Expenses
Research and development expenses for the year ended December 31, 2006 were approximately $1,763,000, compared to $1,702,000 for the comparable prior year, an increase of approximately $61,000, or 3.6%. The increase in research and development expenses was primarily due to a planned increase in payroll and related costs of approximately $167,000, and an increase in test supplies of approximately $29,000, partially offset by a decrease in development costs of approximately $78,000, and a decrease in consultants costs of approximately $77,000.
Selling Expenses
Selling expenses for the year ended December 31, 2006 were approximately $2,985,000, compared to $2,412,000 for the comparable prior year, an increase of $573,000, or 23.8%. The increase is primarily attributable to an increase in payroll and related expenses of approximately $270,000, an increase in outside commissions of approximately $222,000, and an increase in delivery costs of approximately $55,000; partially offset by a decrease in travel and related costs of approximately $31,000.
General and Administrative Expenses
General and administrative expenses for the year ended December 31, 2006, were approximately $2,701,000, compared to $2,384,000 for the comparable prior year, an increase of $317,000, or 13.3%. The increase in general and administrative expenses is principally due to a planned increase in payroll of approximately $157,000, an increase in corporate expenses of approximately $141,000, and an increase in professional fees of approximately $121,000, partially offset by a decrease in consultant costs of approximately $86,000 and a decrease in occupancy costs of $29,000. The increase in corporate expenses was principally due to the Company adopting SFAS 123R as of January 1, 2006, and recognizing compensation expense in conjunction with share based payments to employees and directors in the amount of $130,000. The increase in professional fees is partially due to utilization of outside professionals to improve the Company's financial reporting, corporate governance and internal controls. The decrease in consulting costs is the result of the expiration of a one-year consulting agreement which expired on December 31, 2005.
Interest Income and Expense
Interest expense for the year ended December 31, 2006 was approximately $35,000 compared to $59,000 for the comparable prior year, a decrease of approximately $24,000 or 40.7%. The decrease is due to the net pay down of the line of credit and a reduction of the term loan with the Company's lender.
Interest income for the year ended December 31, 2006 was approximately $50,000 compared to $26,000 for the comparable prior year, an increase of $24,000 or 92.3%. The increase is due to the increase in cash available for investing.
Income Tax Provision
For the year ended December 31, 2006, the Company recognized a tax benefit of approximately $58,000. For the year ended December 31, 2005 the Company recognized a tax provision of approximately $185,000. The tax benefit and tax provision recognized for the years ended December 31, 2006 and 2005, respectively, are based upon the Company's valuation of its deferred tax asset accounts.
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Year Ended December 31, 2005 vs. December 31, 2004
Results of Continuing Operations
Revenues
Total revenues for the year ended December 31, 2005 from continuing operations were approximately $11,645,000 as compared to revenues of $12,159,000 for the year ended December 31, 2004, representing a decrease of approximately $514,000, or 4.2%.
North American sales for the year ended December 31, 2005 decreased to approximately $6,028,000, or a 3.0% decrease, as compared to North American sales of approximately $6,212,000 for the year ended December 31, 2004. This decrease in North American sales was principally due to a decrease in the sale of machines of approximately $1,478,000, offsetting an increase in the sale of spare parts of approximately $1,294,000. Foreign sales were approximately $5,617,000 for the year ended December 31, 2005, compared to $5,947,000 for the year ended December 31, 2004, a decrease of approximately $330,000, or 5.5%. The decrease in foreign sales was principally due to a decrease in the sale of spare parts of approximately $1,374,000, partially offset by an increase in the sale of machines of approximately $1,044,000. The decline in the sale of machines is a result, in part, of longer lead times associated with the increased complexity of manufactured automated operating controls, data acquisition systems, and sterilization features of systems orders received from biopharma customers. The decline is also the result of increased competition from several companies that sell laboratory units. The Company believes its laboratory machines are superior in terms of technology, and that, with relatively minor modifications to these units that are currently in development, the Company hopes to regain market share.
Cost of Goods Sold
Total cost of goods sold for the year ended December 31, 2005 was approximately $5,918,000, or 50.8% of revenue, as compared to $5,608,000, or 46.1% of revenue for the comparable prior year. The increase in cost of goods sold is primarily a result of the increased costs from the manufacture and sales of production units, as opposed to manufacturing laboratory machines. Production units have a higher cost to manufacture and a lower corresponding gross profit margin than laboratory machines. A substantial contributor to the increased cost of goods sold in 2005 was the Company's production of a highly customized production system for the Korean Institute of Industrial Technology (KITECH). This customized production machine accounted for approximately 2.8% of the total revenues for 2005 or approximately $324,000, and approximately 5.2% of the total costs of goods sold for the year ended December 31, 2005 or approximately $308,000.
The Company believes that the construction and design of this customized production system for KITECH enhanced the Company's knowledge and skills in producing advanced systems, and will allow the Company to quote other significant equipment orders at higher profit margins in the future. The Company also believes that, because KITECH provides high visibility for its equipment to companies that work with KITECH, it may lead those companies to consider purchasing our equipment to scale up the production of products developed on this system.
The Company's major product lines have different profit margins, as well as multiple profit margins within each product line. In the course of the periods compared, there may be significant changes in the cost of revenues as a percentage of revenue depending on the mix of product sold. Also, the cost of sales as a percentage of revenue will differ between laboratory and pilot plant units sold, due to the difference in costs between air driven and electric-hydraulic units.
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Research and Development Expenses
Research and development expenses for the year ended December 31, 2005 were approximately $1,702,000 compared to $1,034,000 for the comparable prior year, an increase of approximately $668,000 or 64.6%. The increase in research and development expenses is primarily due to a planned increase in payroll and related costs of approximately $419,000, an increase in consulting costs of approximately $134,000, and an increase in development costs of approximately $101,000. The development costs were primarily for outside contractors and supplies.
It is the Company's position that a greater proportion of its sales in the future will be for more advanced processor production systems that will incorporate features not currently included in many of the current production machines. In order to meet that challenge going forward, it became necessary to hire additional research and development personnel, and also to increase spending in research and development.
Selling Expenses
Selling expenses for the year ended December 31, 2005 were approximately $2,412,000 compared to $2,588,000 for the comparable prior year, a decrease of approximately $176,000 or 6.8%. The decreases were due principally to a decrease in commission expense of approximately $136,000, a decrease of approximately $35,000 in delivery costs, a decrease of approximately $33,000 in payroll and related costs, a decrease in advertising expenses of approximately $19,000, partially offset by an increase in facility operating costs of approximately $40,000, and an increase in printing costs of approximately $20,000. The decrease in commission costs was caused by a decrease in direct sales. Sales made in Asia, where the Company's products are sold primarily through distributors, were approximately 35.2% of sales for the year ended December 31, 2005, compared to 31.0% of sales for the year ended December 31, 2004. Sales made to distributors are sold net of a discount, but without a commission. Accordingly, these sales generally reflect a lower gross margin offset by lower selling costs. The decrease in payroll was due to a reduction in personnel. The decrease in delivery costs was principally due to a change in vendors. The increase in printing costs was due to increased purchases of general brochures and cost data sheets compared to the previous year.
General and Administrative Expenses
General and administrative expenses for the year ended December 31, 2005 were approximately $2,384,000 compared to $2,232,000 for the comparable prior year, an increase of approximately $152,000 or 6.8%. The increase in general and administrative expenses is primarily due to an increase in consultants costs of approximately $166,000, an increase in facility operating costs of approximately $74,000, an increase in corporate expenses of approximately $53,000, and an increase in professional fees of approximately $17,000, offset in part by a decrease in payroll costs of approximately $114,000. The increase in consultant costs was caused by the use of outside consultants that included a non-cash charge for warrants issued in the approximate amount of $119,000, and a recruiting placement fee of approximately $41,000. The increases in facility operating costs were primarily rent and energy related. The increase in corporate costs is due to the expense incurred in accelerating employees' stock options of approximately $65,000. The decrease in payroll is a result of a planned decrease in payroll costs, including both a reduction in personnel and no bonuses paid employees for 2005, due to the loss from operations.
Interest Income and Expense
Interest expense for the year ended December 31, 2005 was approximately $59,000 as compared to $69,000 for the comparable prior year, a decrease of approximately $10,000 or 14.5%. The decrease was principally due to a reduction in the term debt outstanding.
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Interest income for the year ended December 31, 2005 was approximately $26,000 as compared to $27,000 for the comparable prior year, a decrease of approximately $1,000 or 3.7%. The decrease is due to less cash available for investing.
Results of Discontinued Operations
In 1998, the Company purchased the assets and selected liabilities of Morehouse-COWLES, Inc. (Morehouse-COWLES). This was done to complete a strategic combination with Microfluidics, in order to enhance the Company's position in the coatings market, which, at the time, was the dominant part of the Company's business.
Since that time, the direction of the core business of the Company changed significantly from coatings to other areas, in particular the health care sector. The Company determined that it could no longer support the previous strategic plan and the Company, therefore, prepared a plan to divest the Morehouse-COWLES Division.
It was expected that the sale would positively impact the Company's cash flow, and would allow the Company to focus on the core business, and expand its sales and marketing resources for the Company's Microfluidizer processor systems line, and promote its new MMR nanoparticle production systems.
During the fourth quarter of 2003, management committed to a plan to sell substantially all the assets and associated liabilities of Morehouse-COWLES. Accordingly, at fiscal year end 2003, the Company reported the division as discontinued operations and reclassified the assets and associated liabilities as available for sale. The search for a buyer eventually resulted in NuSil Corporation, a California corporation (NuSil) making an offer in December 2003 to purchase the Morehouse-COWLES Division's assets and related liabilities at a price that was acceptable to the Company.
On February 9, 2004, pursuant to an Asset Purchase Agreement (the Asset Purchase Agreement) dated February 5, 2004 between MFIC and a wholly owned subsidiary of NuSil, MFIC sold substantially all of the assets and selected liabilities of its Morehouse-COWLES Division (the Division), to NuSil. Other than NuSil's prior purchases of products from the Division, there were no preexisting relationships between MFIC and NuSil.
The assets of the Division that were sold included accounts receivable, furniture, fixtures and equipment, inventory and supplies, books and records, bids, contracts, prepaid expenses, leases, intellectual property, goodwill, domain names and claims, all as described in the Asset Purchase Agreement (collectively, the Assets). In addition, certain rights and obligations arising after February 9, 2004 under the Division's PacifiCare Group Health Insurance Policy were assigned. The Division's cash or cash equivalents on hand on February 9, 2004 were excluded from the assets being sold. Under the Asset Purchase Agreement, the Division's executory obligations under certain contracts and bids, and the Division's accounts payable as of February 9, 2004 in the amount of $623,240, were assumed by NuSil.
The purchase price (other than the assumption of accounts payable described in the preceding paragraph) paid under the Asset Purchase Agreement was approximately $918,000. Of the purchase price approximately $768,000 was paid in cash (the "Closing Cash"), $100,000 was paid in the form of a Promissory Note (the "Purchase Note") and $50,000 was withheld for payment at a future date subject to any purchase price adjustments and offsets (the "Holdback Payment"), as provided for in the Asset Purchase Agreement. In accordance with the Asset Purchase Agreement, the Company received the Holdback Payment on March 26, 2004.
The Closing Cash was paid directly to PNC Bank, National Association (PNC), to be applied to MFIC's outstanding balance under MFIC's Revolving Credit Loan with PNC (the Revolving Credit Loan).
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The aforementioned Purchase Note bore interest at five percent (5%) per annum, was secured by the Assets pursuant to a Security Agreement dated February 5, 2004 (the Security Agreement) between the parties and was subject to certain offsets as provided in the Asset Purchase Agreement. Principal and interest on the Purchase Note were payable on February 9, 2005. NuSil forwarded a payment to the Company on that date which, in conjunction with an allowable offset of approximately $8,000 paid by NuSil for the benefit of the Company, satisfied the claim.
Pursuant to the Asset Purchase Agreement, MFIC entered into a Noncompetition and Nonsolicitation Agreement, dated February 5, 2004, which limits MFIC's ability to compete with the business of the Division for a period of five years.
The sale generated a loss of approximately $1,420,000 in 2003. Due to the sale of the Morehouse-COWLES Division, goodwill associated with the 1998 purchase of this division in the amount of $2,100,000 was impaired in 2003.
In the three months ended March 31, 2004, the Company sold the assets and selected liabilities of the Division to NuSil. During the year ended December 31, 2005, the Company had no discontinued operations. Thus, all items of discontinued operations decreased 100% when compared to the comparable periods for the prior year.
There were no revenues from discontinued operations recorded for the year ended December 31, 2005, as compared to revenues of $324,000 for the comparable prior year. The decrease during this period is due to the sale of the Division to NuSil on February 9, 2004.
There were no cost of goods sold from discontinued operations recorded for the year ended December 31, 2005, as compared to $309,000 for the comparable prior year. The decrease in cost of goods sold is attributable to the sale of the Division to NuSil on February 9, 2004.
There were no research and development, selling and general and administrative expenses from discontinued operations recorded for the year ended December 31, 2005, as compared to aggregate research and development, selling and general and administrative expenses of $239,000 for the comparable prior year. The decrease in these operating expenses is due to the sale of the Division to NuSil on February 9, 2004.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2006, the Company had approximately $1,860,000 in cash and cash equivalents, compared to $1,452,000 as of December 31, 2005. For the year ended December 31, 2006, the Company generated cash from operations of approximately $649,000 from income from operations and an increase in current liabilities, partially offset by the funding of its increase in trade accounts receivable and the increase in its inventory due to production requirements for orders. For the year ended December 31, 2005, the Company used cash from operations of approximately $396,000 to fund its net loss, and its decrease in current liabilities, offset by a decrease in receivables, inventories, and other current assets. For the year ended December 31, 2004, the Company used cash from operations of approximately $142,000 to fund its increase in inventories, trade and other receivables, prepaid expenses, and a decrease in current liabilities, partially offset by net income.
For the year ended December 31, 2006, the Company used cash from investing activities of approximately $57,000 for the purchase of capital equipment. For the year ended December 31, 2005, the Company used cash from investing activities of approximately $96,000 for the purchase of capital equipment. For the year ended December 31, 2004, the Company generated cash from investing activities of $513,000 primarily through the sale of the Morehouse-COWLES Division, partially offset by the purchase of capital equipment.
--------------------------------------------------------------------------------
For the year ended December 31, 2006, the Company used cash from financing activities of approximately $184,000, primarily as a result of repayments of its term loan, offset by the issuance of common stock for options exercised and from proceeds from stock issued from the employee stock purchase plan. For the year ended December 31, 2005, the Company used cash from financing activities of approximately $84,000 primarily as a result of repayments on its term loan; and offset by the issuance of common stock for options exercised, from proceeds from stock issued from the employee stock purchase plan, and the collection of a note receivable. For the year ended December 31, 2004, the Company generated cash from financing activities of approximately $1,607,000 primarily through the net proceeds from the private placement offering, the issuance of common stock for options exercised, proceeds from stock issued from the employee stock purchase . . .
All she needs is the exposure...
10 cents Q4 EPS fully diluted! CVV did 8 cents EPS in Q4 and is trading at 6+ and is NOT a nanotech pure play like MFIC. We can see a 100% jump in the stock price from this level with no problem IMHO.
$2.50 Gone!
10Q out!
Revenues
Total revenues for the years ended December 31, 2006 were approximately $15,654,000, as compared to revenues of $11,645,000 for the comparable prior year, an increase of approximately $4,009,000, or 34.4%.
North American sales for the year ended December 31, 2006 increased to approximately $8,636,000, a 43.3% increase, as compared to sales of approximately $6,028,000 for the year ended December 31, 2005. The increase in North American sales was principally due to an increase in the sale of machines of approximately $2,922,000, partially offset by a decrease in the sale of spare parts of approximately $314,000. Foreign sales were approximately $7,018,000 for the year ended December 31, 2006, compared to $5,617,000 for the year ended December 31, 2005, an increase of $1,401,000, or 24.9%. The increase in foreign sales was principally due to an increase in the sale of machines of approximately $1,466,000, partially offset by a decrease in the sale of spare parts of approximately $65,000. The overall increase in sales was due to two factors: (i) the number of machines sold increased over 2005, and (ii) the Company instituted an overall price increase of 10% for standard machines effective in the first quarter of fiscal 2006.
Bullish Nanotech News for MFIC at UMASS-Lowell today:
Nanotech research at UMass-Lowell
DavidBrooks | 28 March, 2007 09:39
Just south of the border, UMass-Lowell has made a surprisingly big name for itself in nanotech research, considering its size and academic heft. So they're going to show off at a public event Thursday, April 12, from 2 to 5 p.m., when more than 30 faculty members, including directors of the school's Nanomanufacturing Centers, will be on hand for poster and video presentations, group discussions and one-on-one interactions. Topics include nanoelectronics, nanomedicine, nanomaterials and the environmental health and safety of nanomaterials. They'll also discuss the newly approved $80 million nano-manufacturing facility. It will be held in the Suffolk Conference Center at Wannalancit Mills, 650 Suffolk St. It's free, although people are asked to RSVP to Elaine Dalton at (978) 934-3689 or Elaine_Dalton@uml.edu.
Source: granitegeek.area603.com
CVV reported after the close yesterday that Q4 EPS was 8 cents compared to 2 cents for the Q. CVV is also a capital equipment maker, has a low market cap and thin float, like MFIC, but their nanotech business is concentrated in nanotubes and nanowires while MFIC's is mainly dedicated to biopharma applications and nanomaterials. An 8 cent EPS quarter puts CVV today at a PPS of 6+. I believe that MFIC will show an EPS number in this neighborhood for Q4 which should propel its stock to new highs shortly IMO.
DEMAND FOR NANOTECH MEDICAL PRODUCTS TO RISE TO $110 BILLION IN 2016
Source: www.fdanews.com
March 22, 2007
Demand for nanotechnology medical products will grow by more than 17 percent annually to reach $53 billion in 2011, according to a recent report from The Freedonia Group. By 2016, new products such as nanodiagnostics, nanotech-based medical supplies and nanomedicines will drive demand to more than $110 billion, the report added.
Advances in nanotechnology will enhance the quality and performance of diagnostic products, the group said. For example, nanosized monoclonal antibody labels and DNA probes will improve the speed, accuracy, capabilities and cost effectiveness of in vitro diagnostic testing.
Nanoparticle formulations of superparamagnetic iron oxide, gadolinium, perfluorocarbon and specialty polymers used for in vivo imaging would allow the detection of tumors, plaque, genetic defects and other diseases at earlier stages and with lower, safer concentrations of injected compounds, the report said.
Freedonia anticipated these performance advantages and the broadening range of nanodiagnostics will increase demand for these products by 8.8 percent per year to reach $8.4 billion in 2011 and $12 billion in 2016.
Nanotechnology will also have greater applicability in medical supplies and devices, the group said, noting that nanomaterials are already used as active ingredients in burn dressings, bone cement, bone substitutes and dental repair and restoration products.
The group predicted that the long-term impact of nanotechnology will include new medical supply and device coatings, as well as new medical implants. In 2011, the market for nanomaterial-based medical supplies and devices is expected to hit $5.2 billion, compared with $400 million in 2006. This figure will reach $16.2 billion in 2016, the group predicted, as nanotech-based orthopedic and cardiac implants and nanocoated medical and surgical instruments are introduced.
In 2006, the five largest nanotech suppliers to the U.S. were Genentech, Johnson & Johnson, Abbott Laboratories, Amgen and Roche, with nearly 60 percent of the $23.6 billion U.S. market.
Food nanotech news:
Functional stabilisers nanoengineered for foods
www.foodproductiondaily.com
By Ahmed ElAmin
Report tips top flavours for 2007
The evolution of the nanotech revolution
Nano scale coating process developed for baking sector
Ozone nano-bubbles harnessed to sterilise water
Nano project aims to reduce packaging waste
Denmark food research to focus on emerging technologies
EU agency sets food safety agenda for year
20/03/2007 - Dairy proteins and polysaccharides can be nanoengineered as new functional stabilisers for foods and packaging, according to scientists working on a project in Finland.
The government-sponsored Tailored Nanostabilisers for Biocomponent Interfaces Project (Taina) aims to engineer and construct functional nanoscale particles for sensitive biocomponents in foods.
Nanotechnology deals with controlling matter at near-atomic scales to produce unique materials, products and devices. It has been touted as the next revolution in many industries, including food manufacturing and packaging.
Tekes, the main public funding organisation for research and development in Finland, has provided €1.4m over three years for the food project.
Markku Lämsä, a senior technology advisor with Tekes, told FoodProductionDaily.com that the believe that the particles can act as active emulsions, to stabilise foams and sensitive components during processing or in the gastro-intestinal tract.
The scientist involved also want to develop tailored barrier and sensing functions for food packaging using the components.
For food packaging, they aim to improve the barrier properties of the biopolymers and also to evaluate the possibility to incorporate enzymes in nanoscale particles into the packaging materials.
Such use of enzymes would give increased functionality or "intelligence" to the package, such as freshness indicators, he said.
"The project focuses on interfacial engineering of dairy proteins and polysaccharides to improve their antixodant properties, emulsion stability, barrier properties and protection against other bioactive components," he said.
They are working on the premise that proteins and selected carbohydrates are suitable as nanostabilisers for bioactive components, he said.
Enzymes can be used as tools to add novel functionalities to such polymers, they believe. Micro-organisms can also be used to produce proteins with unique potential for nanoscale applications.
"These hydrophobins have strong self-assembling nature and they are good candidates when nanoscopic structural organisation in biomaterials is desired," according to a description of the project.
The project partners are VTT , Åbo Akademi, Helsinki University of Technology and the Institute for Surface Chemistry in Sweden.
The project forms part of Finland's programme to develop nanotechnology expertise within the country.
Finnish industry and Tekes are drawing up a shared strategy on nanotechnology development targets. The safety of nanotechnology applications is one of the key themes.
"We want the practical implementers to have a say in choosing the target areas of financing. The work began last spring with the creation of a joint vision by the electronics, chemical and forest clusters, and now continues in a more concrete way as the allocation of financial resources," Lämsä said.
The programme's six thematic groups focus on the electronics and forest clusters, nanotechnology processes and instruments, nanotechnology materials and safety.
Commercial products include nanoscale particles and materials, but also an increasing amount of products relying on 'applied' nanotechnology, such as cosmetics and paints.
The thematic groups began their work on 30 August. The work will continue until the end of 2010.
Safety was selected as one of the themes because the safety risks of nanoparticles have aroused debate particularly among health-care and medical researchers worldwide, Lämsä said.
Public concerns have been raised that nanostructured materials could potentially lead to unforeseen health or environmental hazards. In the food area fears arise over the unknown consequences of digesting nano-scale particles designed to behave in specific way in the body.
About 80 companies using nanotechnology participate in Tekes' FinNano technology programme.
A 2006 survey identified 129 Finnish companies that either had commercial products or research activities focused on nanotechnology, or who had participated in the Tekes FinNano technology programme.
Of the identified 129 firms, 29 reported having a commercial product which is based on nanotechnology. These products range from technology for industrial processes to consumer products.
Activity has been especially strong in the areas of packaging, with increased research into 'intelligent' packaging, incorporating features like freshness indicators, the survey found.
Sounds Good I'm Ready!
Must be in anticipation of big Q4 EPS report!
MFIC will be at this nanotech conference:
NANOTX'07 to host the Alliance for Nanohealth Science Summit
3/16/2007 12:47:50 PM
The Alliance for NanoHealth Science Summit will be hosted by the highly renowned Dr. Mauro Ferrari, Professor of the Brown Institute of Molecular Medicine and Chairman of the Department of Biomedical Engineering at the University of Texas Health Science Center in Houston, Texas. As President of the Alliance for NanoHealth, Dr. Ferrari heads a team of medical professionals in nanotechnology to collaborate at nanoTX'07, the International Nanotechnology Conference and Trade Expo held at the Dallas Convention Center October 3-4, 2007.
Although four nanotechnology events are co-locating under one roof at nanoTX'07 (the others are AeroSpace/Defense, Semiconductor, and Energy/Environment), health science is rapidly being catapulted to the forefront of nanotechnology research. "If we could detect cancer early enough, the currently available therapies would be enough to treat essentially all cases," Dr. Ferrari told reporters. And "Nanotechnology has the power to give us the required breakthrough advances in early detection."
Dr. Ferrari served as the National Cancer Institute's special expert on nanotechnology and shaped its long-term $144.3 Million Alliance for Nanotechnology in Cancer initiative, which is the world's largest effort in nanomedicine. His BioMed/Health Science Summit is attracting groups as diverse as physicians, researchers, patients advocates, and business leaders with the purpose of accelerating the development of transformational approaches to early detection of disease and personalized therapy.
Indeed, titles of the two sessions to be hosted by Dr. Ferrari are: Nanotechnology for Medical Diagnostics, and Nanotechnology-Based Medical Therapeutics, delivering therapy at the right place and right time while avoiding many daunting biological barriers, bringing cures for heart disease, cancer, and other conditions. "Personalizing cancer therapy is not only a good idea, " says Dr. Ferrari, "It is the only way to go to eradicate cancer death and suffering. Nanotechnology can provide revolutionary advances towards the personalization of treatment."
A large number of nanotechnology related medical exhibits will surround the Summit in the BioMed/Health Science Pavilion. One commercial firm participating is Ceutical Labs. CEO Courtland Imel calls nanotechnology and drug delivery "the new frontier in medicine with development of next generation parenteral drug delivery and transdermal devices, not just development of oral drug delivery systems. Dr. Ferrari agreed, saying "nanotechnology will revolutionize the pharmaceutical industry."
Mr. Imel will showcase current applications in the marketplace and demonstrate an overview of Ceutical Labs involvement in drug development andmedical device applications.
Although presented by the Texas Nanotechnology Initiative, nanoTX'07, is an international event with the theme: The Promise of Tomorrow—The Global Business of Nanotechnology.
http://www.nanotx.biz
Nanotechnology Could Improve Health Care in Developing Countries
By Art Chimes
Washington - www.voanews.com
16 March 2007
Scientists say nanotechnology, which involves some of the smallest things on earth, could have a big impact in developing countries. And some of the biggest benefits could come in improving health.
Nanotechnology refers to the ability to manipulate materials on the nanometer scale.
How small is that? A nanometer is one-billionth of a meter - something like the length of a line,10 atoms long.
That's hard to grasp, so nanotech scientist Andrew Maynard explains it with an analogy. If you can imagine a child the size of the Moon, "a tennis ball will be something like 50 nanometers in diameter. Or the head of a pin will be one nanometer in diameter. So the difference in scale, going from human scale to the nanoscale, is the equivalent of taking the moon and putting the head of a pin on the moon."
Maynard is chief scientist at the Project on Emerging Nanotechnologies, part of the Woodrow Wilson Center in Washington. At a recent symposium, he said researchers have been using nanotechnology to create products like cosmetics and stain resistant clothing. But some of the most promising uses of nanotechnology are in the health field.
In sub-Saharan Africa each year, malaria kills a million children under the age of five. A big part of the malaria challenge is correctly diagnosing patients. Often, anti-malaria drugs are given without a proper diagnosis, to people who may not have malaria. That's not only wasteful, it contributes to drug resistance. Peter Singer of the University of Toronto says a nanotechnology called quantum dots could make it much easier to correctly diagnose malaria, instead of using the traditional method of examining a patient's blood under a microscope.
"The bottom line," says Singer, "is that changing the infrastructure from moderate infrastructure like microscopes, to minimal infrastructure, like the quantum dots I was showing you, saves hundreds of thousands of lives for malaria. So this is a serious public health issue at stake, just from a diagnostic."
Quantum dots can reveal the fine details of cell structures. Someday, the technique may be used for speedy disease diagnosis.
In addition to better diagnostics, nanotechnology could also help in treating disease. For example, as Piotr Grodzinski of the U.S. National Cancer Institute points out, it could help make existing medicines more effective. "You can develop techniques which allow [doctors] to deliver the therapeutic drug or therapeutic treatment locally to the tumor site, and in many cases use much lower dose of the drug, and by that means cause lower side effects."
Advances in nanotechnology are coming out of labs in the usual advanced countries. But scientists in developing and emerging countries - China, India and Brazil, for example - are also involved. However, as program moderator Jeff Spieler of the U.S. Agency for International Development cautioned, it's still a big step getting those innovations to some of the world's poorest people.
"This to some extent will depend on how many of the new innovations will actually be coming from the laboratories of less developed countries," said Spieler, "and then what is the likelihood of that these advances, even in those laboratories, will find their way into the indigenous populations of those countries and not be picked up by somebody else?"
Although nanotech experts stress the potential benefits from the new technology, they also concede that there are risks involved in working with these new nano materials. Andrew Maynard of the Woodrow Wilson Center acknowledged the uncertainties.
"If you look at the very simplest case of nanometer-size particles, we know they behave differently in the body and in the environment [compared] to larger, more conventional particles," Maynard explained. "So yes, there are going to be a whole new set of risk issues we need to address, and that's going to require quite a substantial investment in new science to understand what those risks are, but also how to translate and transform that information into effective and safe ways of using the technologies."
Among those at risk could be workers involved in manufacturing new nano-scale materials, as well as consumers, such as those taking nano-based medicines.
2.30 X 2.34 hmmm looking thin today...
should read 2.49
Yep, if we can just get back to,or pass, that 1.49 square at the top of your chart.
We are looking pretty healthy today...
No Problem...
Sure does-thanks MWM.
looks a little better now...
Welcome and go for it MWM. I have made you asst. mod to add some "character' to the board.
US demand for nanotechnology medical products to approach $53 billion in 2011
Cleveland, OH
Posted on March 12th, 2007
The critical need for new or improved therapies for many medical conditions will
promote the adaptation of nanotechnology to an expanding number of
pharmaceuticals. The total market for nanomedicines will command strong growth
over the long term. Treatments based on humanized monoclonal antibodies,
nanopolymers and nanoproteins will drive gains, with compounds for cancer, heart
diseases, neurological disorders and viral infections leading new product introductions
and growth opportunities.
Advances in nanotechnology will also contribute significant improvements to the
quality and performance of medical diagnostic products. Nanosized monoclonal
antibody labels and DNA probes will greatly enhance the speed, accuracy, capabilities
and cost-effectiveness of in vitro diagnostic testing, drug discovery and medical
research procedures. Nanoparticle formulations of superparamagnetic iron oxide,
gadolinium, perfluorocarbon and specialty polymers will broaden in vivo imaging
capabilities. Several medical supplies and devices will emerge as key applications
for nanotechnology. Nanomaterials are already gaining significant demand as active
ingredients of burn dressings, bone cement, bone substitutes, and dental repair and
restoration products.
The greatest short-term impact of nanotechnology in health care will be in
therapies and diagnostics for cancer and central nervous system disorders.
Gradually, many other major diseases, as well as injuries, will be treated and detected
routinely by nanotechnology products. By 2016, nanoimplants will be widely employed
in orthopedic procedures and begin to gain experimental uses in tissue and neuron
regeneration. By 2021, nanotechnology will serve applications that extend into most
areas of critical and chronic care. Additionally, the development of monoclonal antibody and nanomaterial vaccines and, to a lesser extent, controlled-release nutritional preparations will create a large preventive medicine market.
####
About Nanotechnology in Healthcare
Nanotechnology in Healthcare (published 02/2007, 349 pages) is available for $4,500 from The Freedonia Group, Inc., 767 Beta Drive, Cleveland, OH 44143-2326. For further details, please contact Corinne Gangloff by phone 440.684.9600, fax 440.646.0484 or e-mail pr@freedoniagroup.com.
A limited license to use or reprint information from this news release is granted to you provided attribution for the same – including, if possible, the price of the report – is given to The Freedonia Group, Inc. (Cleveland, OH). We would also appreciate the courtesy of receiving a copy of the article or publication in which we appear.
For more information, please click here
Contacts:
Corinne Gangloff
phone 440.684.9600
fax 440.646.0484
pr@freedoniagroup.com
Copyright © The Freedonia Group, Inc
I took a starter position today here. the Ibox sure coould use some help. A chart for sure, an O/S listing and maybe a link to this PDF. I see a lot of potential here...
http://www.mficcorp.com/mf_pdf/IFS13.pdf
Mike
If you want to know what a little PR can do, take a look today at unprofitable nanotech LMRA which announced a purchase order from Lockheed for an unspecified dollar amount which sent its stock soaring. How many Blue Chip companies are customers of MFIC for which MFIC can make the same kind of nebulous announcement which would also have a powerful upward impact on its stock price?
Thanks shmoopy for your contributions. Would you like to be an assistant on the board?
MFIC Investor Fact Sheet Updated:
http://www.mficcorp.com/mf_pdf/IFS13.pdf
Interesting post from another board re Kodak and MFIC:
By: nanomano
01 Mar 2007, 09:59 AM EST
Msg. 11046 of 11051
Jump to msg. #
MFIC, Kodak, Ink & New Nanotech Breakthroughs
Kodak has been making a lot of breakthrough discoveries with MFIC's Microfluidizer lately!
Look for some major orders for MFIC to follow!
Just check out all of the recent patent applications that cite both Kodak and MFIC. 171 patents contain both the words Microfluidizer and Kodak.
http://appft1.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FP...
-bool.html&r=0&f=S&l=50&TERM1=microfluidizer&FIELD1=&co1=AND&TERM2=kodak&FIELD2=&d=PG01
MFIC's trademarked Microfluidizer is far and away the best machine for manufacturing high quality Ink Jet Inks, as far as I know the MFIC’s Microfluidizer is the only way to go to make many types of higher end inks.
Now here is a very interesting research article about Kodak, nanotechnology and inks.
--------------
http://www.nanotech-now.com/columns/?article=034
“Let me take a moment to put ink jet printing into perspective. There are actually two competitive printhead technologies. This first is piezoelectric, which is primarily used by Epson, and for commercial wide format printing; think of things like billboards and really big signs. The second is MEMS; these printhead are more widely used in the printers that consumers buy. The leading manufacturer of MEMS printheads is Hewlett Packard.
What I've found so interesting to watch over the past year are three things: the introduction of hybrid printheads (which combine both piezo and MEMS approaches), the kind of inks that are being developed, and what they're being used for. As I just stated, there's a very clear shift in focus to industrial printing.
So, beyond wide format printing, how is ink jet used at the industrial level? In podcast #29, which was about lab-on-a-chip, I mentioned the fact that biochips—a competitive approach to lab-on-a-chip (which is a MEMS device)—have long been ink jet printed. More recently, there's been a shift toward printable electronics, such as OLEDs (Organic Light Emitting Displays). An emerging biggie, in my opinion, is the ink jet printing of RFID (Radio Frequency Identification) tags. And that's just the beginning.
What's the common thread here? It's the ink. It's been demonstrated that ink jet printers can work successfully with anything from biological material to carbon nanotubes. In fact, nanoparticle-based conductive inks are proving to be very useful in many different areas, and my view is that they could potentially play a significant role in wireless sensing. From what I've seen recently, in some instances, conductive ink could very well limit the use of several MEMS devices in a number of applications. This is something I didn't expect, but in looking at what's being developed, and the intended use of these products, it makes sense. But, isn't all bad; in other respects, conductive ink could also help drive the growth of wireless MEMS sensors.
I'll talk more specifically about RFID, conductive ink, and wireless sensing in upcoming podcasts, but from my point of view, they're all becoming increasingly interrelated, and the starting point is ink jet printing. So, Kodak's announcement is just one more piece of a very interesting trend. “
-------------------
With all the Kodak research being done using the MFIC Microfluidizer equipment
look for multiple fairly large orders from Kodak for MFIC as the technology takes off.
High end ink production equipment will go from being a large part of MFIC’s bread and butter business to becoming a MASSIVE part!
Now we may have an answer to just why MFIC is expanding there facilities to meet their rapidly growing demand
See what an investment banking firm upgrade can do for a profitable microcap nanotech stock! C'mon Taglich, what is taking so long?
Big day for NVEC:
3:39 pm NVE Corp. Started At Buy At Craig-Hallum >NVEC Dow Jones Newswires
Alert Triggered for MFIC Corp
MFIC Reached a New 52 Week High at $2.49
MFIC rose 2.5% to a new 52 week high of $2.49. During the last 52 weeks, MFIC's price has ranged from $1.10 on August 10, 2006 to today's high of $2.49.
Please note you will receive only one "New 52 Week High" alert per day for MFIC Corp.
According to MFIC's most recent stock proxy Pfizer was the beneficial owner of 600,000 shares of MFIC. With the new annual report and 10-K expected shortly, the new stock proxy will confirm this information.
On another note, I picked up this information from PharmaceutcialOnline.com today:
Product Name:
MMR Multiple Stream Mixer Reactor
Product Description:
•Product Brochure: MMR Multiple Stream Mixer Reactor
Microfluidics offers prototypes of a new and remarkable Multiple Stream Mixer Reactor that utilizes Microfluidizer® technology to optimize the fast chemical reactions required in many of today's processes. Applications for the patented MMR include superconductors, abrasives, photographic emulsions, recording media, planarization media, and pigment synthesis. Early testing by a catalyst manufacturer shows that this technology achieves unprecedented control of microstructure size and uniformity.
Microfluidics seeks strategic partners who are interested in manufacturing nano-materials in a chemical reaction process controlled to the molecular level. The objectives of such a collaboration include developing commercial models, providing sample testing, and working to scaleup from laboratory to production volumes.
By: Microfluidics
http://www.pharmaceuticalonline.com/content/productshowcase/product.asp?docid=ae76d282-e30e-4000-9d2...
Pardon my ignorance but where do we find the Pfizer connection? Even without it I agree that MFIC is a multibagger in the making!
I assume that Mr, Daly will hold for the twelve month tax rate. so the float is reduced for the year.
With the CEO, Pfizer and Mr. Daly controlling almost 30% of MFIC's shares, that only leaves a very small amount of 7 million shares in the float. I am expecting blowout Q4 earnings to be reported next month. This news item and thin float could lead to an explosive upmove into the high single digits to low double digits for the stock price. IMO, MFIC is the most appealing profitable microcap in the nanotech landscape at this time.
Mr. Daly's background:
http://www.essig.com/english/index.htm
shmoopy -- Nice call on MFIC. The Company has really shown resiliency in sales and profits following the mystery sharp price drop in Dec2006. Beautiful technical breakout higher. Congratulations!
Best of luck.
Tom
MFIC under accumulation by new 5% owner:
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
MFIC Corp.
---------------------------------------------
(Name of Issuer)
Common Stock, no par value
---------------------------------------------
(Title of Class of Securities)
595073107
---------------------------------------------
(CUSIP Number)
Joseph P. Daly
497 Circle Freeway
Cincinnati, Ohio 45246
(513) 943-7100
------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
February 12, 2007
------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7 for other
parties to whom copies are to be sent.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
<Table>
<S> <C> <C>
-----------------------------------------------------------------------------------------------------------
CUSIP No. 595073107 13D
-----------
-----------------------------------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
Joseph P Daly
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only)
-----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ ]
-----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
PF
-----------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
-----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY 505,700
------------------------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH REPORTING -0-
------------------------------------------------------------------------------
PERSON WITH 9 SOLE DISPOSITIVE POWER
505,700
------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
505,700
-----------------------------------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ]
-----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.00%
-----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IN
-----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
ITEM 1. SECURITY AND ISSUER.
The class of equity security to which this statement relates is the
common stock (the "Common Stock"), no par value per share ("Share"), of
MFIC Corporation, a Newton, Massachuesetts corporation (the "Issuer"). The
address of the principal executive offices of the Issuer is 30 Ossipee Road,
PO Box 9101,Newton, MA 02464.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Joseph P Daly, by virtue of his
purchase of certain Shares and resulting beneficial ownership of greater than 5%
of the outstanding Shares of the Common Stock.
(a) NAME: The name of the reporting person is Joseph P. Daly.
(b) BUSINESS ADDRESS: The principal business address of Mr. Daly is
497 Circle Freeway, Cincinnati, Ohio 45246.
(c) PRINCIPAL OCCUPATION AND THE NAME, PRINCIPAL BUSINESS AND ADDRESS
OF ANY CORPORATION OR ORGANIZATION: Mr. Daly is the chief executive of
Essig Research Incorporated. Essig Research offers global engineering
services. Mr. Daly's principal business address is 497 Circle
Freeway, Cincinnati, Ohio, 45246.
(d) CRIMINAL PROCEEDINGS: During the past five years, Mr. Daly has not
been convicted in a criminal proceeding.
(e) SECURITIES LAWS: During the past five years, Mr. Daly has not been
a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which such person is or was
subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect
to such laws.
(f) CITIZENSHIP: Mr. Daly is a United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Mr. Daly has purchased an aggregate of 505,700 Shares for total
consideration of $744,408.19. Such funds were provided from
Mr. Daly's personal funds.
The information set forth in Item 4 of this Schedule 13D is hereby
incorporated herein by reference.
<PAGE>
ITEM 4. PURPOSE OF TRANSACTION.
Mr. Daly purchased the Shares for investment purposes. Mr. Daly is
continuing to review the performance of his investment and his
investment alternatives. As part of his ongoing review of his
investment in the Shares, Mr. Daly may explore from time to time a
variety of alternatives, including the acquisition of additional
securities of the Issuer or the disposition of securities of the Issuer
in the open market or in privately negotiated transactions. The
foregoing reflects activities presently contemplated by Mr. Daly with
respect to the Issuer, the foregoing is subject to change at any time,
and there can be no assurance that Mr. Daly will take any of the
actions referred to above.
Except as set forth in the preceding paragraph, as of the date hereof,
Mr. Daly does not currently have any plan or proposal that relates to
or would result in:
(a) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its
subsidiaries;
(b) A sale or transfer of a material amount of assets of the Issuer or
any of its subsidiaries;
(c) Any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term
of directors or to fill any existing vacancies on the board;
(d) Any material change in the present capitalization or dividend
policy of the Issuer;
(e) Any other material change in the Issuer's business or corporate
structure;
(f) Changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other actions which may impede the acquisition
of control of the Issuer by any person;
(g) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted
in an inter-dealer quotation system of a registered national securities
association;
(h) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
(i) Any action similar to any of those enumerated above.
Notwithstanding the foregoing, Mr. Daly reserves the right to effect
any such actions as he may deem necessary or appropriate in the future.
The information set forth in Item 3 of this Schedule 13D is hereby
incorporated herein by reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) AMOUNT BENEFICIALLY OWNED: As of the date hereof, Mr. Daly
beneficially owns an aggregate of 505,700 Shares. Based on the
10,104,366 Shares estimated to be outstanding on February 12, 2007
from the Issuer's quarterly report on Form 10QSB for the period
ended September 30, 2006 and the subsequent Form 4 filings, Mr. Daly
beneficially owns 5.00% of the outstanding Shares.
(b) NUMBER OF SHARES AS TO WHICH MR. DALY HAS :
(i) Sole power to vote or direct the vote: 505,700
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of:
505,700
(iv) Shared power to dispose or direct the disposition of:
0
(c) TRANSACTIONS SINCE LAST FILING :
<PAGE>
<Table>
<Caption>
Person Who Effected the Transaction Transaction Date Number of Shares Purchased Price per Share
<S> <C> <C> <C>
Joseph P. Daly 12/21/2006 700 1.42
Joseph P. Daly 12/21/2006 3300 1.43
Joseph P. Daly 12/21/2006 600 1.45
Joseph P. Daly 12/22/2006 2400 1.46
Joseph P. Daly 12/26/2006 2000 1.50
Joseph P. Daly 12/26/2006 1000 1.53
Joseph P. Daly 12/26/2006 1450 1.58
Joseph P. Daly 12/27/2006 2575 1.56
Joseph P. Daly 12/27/2006 1000 1.55
Joseph P. Daly 12/28/2006 1000 1.54
Joseph P. Daly 12/28/2006 100 1.48
Joseph P. Daly 12/29/2006 1000 1.53
Joseph P. Daly 1/03/2007 3800 1.53
Joseph P. Daly 1/08/2007 200 1.55
Joseph P. Daly 1/09/2007 1300 1.50
Joseph P. Daly 1/09/2007 100 1.46
Joseph P. Daly 1/10/2007 770 1.53
Joseph P. Daly 1/11/2007 650 1.50
Joseph P. Daly 1/12/2007 3030 1.52
Joseph P. Daly 1/16/2007 270 1.44
Joseph P. Daly 1/17/2007 330 1.50
Joseph P. Daly 1/18/2007 475 1.55
Joseph P. Daly 1/22/2007 393 1.48
Joseph P. Daly 2/12/2007 325 1.85
Joseph P. Daly 2/12/2007 557 1.93
</Table>
All purchases were effected through unsolicited brokers'
transactions on the Nasdaq National Market.
(d) RIGHT TO RECEIVE OR POWER TO DIRECT: To the knowledge of Mr. Daly,
no person other than Mr. Daly has the right to receive or the power to
direct the receipt of dividends from, or proceeds from the sale of, the
shares of Common Stock beneficially owned by Mr. Daly.
(e) DATE REPORTING PERSON CEASED TO BE 5% OWNER: Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: February 22, 2007
/s/ Joseph P Daly
------------------------
Print Name: Joseph P Daly
</TEXT>
</DOCUMENT>
Alert Triggered for MFIC Corp.
MFIC Reached a New 52 Week High at $2.46
MFIC rose 1.7% to a new 52 week high of $2.46. During the last 52 weeks, MFIC's price has ranged from $1.10 on August 10, 2006 to today's high of $2.46.
Please note you will receive only one "New 52 Week High" alert per day for MFIC Corp.
>At least this should tell us the big "C" will pop up next week,lol.<
Should have read "will NOT pop up next week"
From IHub VMC MB:
Posted by: gilead23
In reply to: shmoopy38 who wrote msg# 65721 Date: 2/22/2007 4:19:55 PM
Post #
MFIC agreed nice day
As I said before if you look at the backlog which rose 700k in a single month it implies orders were accelerating.
At a somewhat low sales rate of 1 million a month they would have signed 1.7 in new orders in january for a quarterly revenue rate of 5.1 million.
If you put the sales rate in line with what they had last quarter it implies they pulled in a whopping 2.4 million in orders in january alone for an implied quarterly revenue rate of over 7 million.
If they actually did that 7 million you would be looking at EPS numbers of .14 a quarter which I think would certainly make it a 5 bagger from here.
As it stands I am hoping they do 5 million/.06 eps followed by 6 million .09 EPS.
This was a nice pick. Thanks to those of you who brought it up.
From SI MB in response to a question about why MFIC's has been hitting new highs recently:
To: Diamono who wrote (33286) 2/22/2007 2:03:02 PM
From: Baton of 33292
Mainly because they had a huge quarterly profit increase and it looks like it is going to continue. I think MFIC is the purest nano play out there. I believe that if the sector gets some momo, and some institutional interest, we could see $8-10. No kidding. The low float and lack of sellers is working to our advantage. It is a mega winner IMO.
Baton
Alert Triggered for MFIC Corp
MFIC Reached a New 52 Week High at $2.40
MFIC rose 8.1% to a new 52 week high of $2.40. During the last 52 weeks, MFIC's price has ranged from $1.10 on August 10, 2006 to today's high of $2.40.
Please note you will receive only one "New 52 Week High" alert per day for MFIC Corp.
> MFIC raised its average selling price for its products by 10% last year which indicates solid demand. <
At least this should tell us the big "C" will pop up next week,lol. I came from the biotech industry and we usually knew months ahead of time what the competition had in the pipeline.
I do not disagree with your assessment. I listened again to the MN1.com interview today and the CEO was upbeat about the leadership position that MFIC holds. This is borne out by the record 56% gross profit margin in Q3. Also, MFIC raised its average selling price for its products by 10% last year which indicates solid demand.
Finally, regarding the stock price, I really like the fact that the market cap still sits at only $23 Million while many other microcap nanotech stocks trade 10 times higher with far less fundamentals.
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