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.
