MFIC Corporation Announces Fourth Quarter and Year-end 2007 Financial Results
Company reports second highest revenue quarter since 2001
Mar 12, 2008 7:03:00 AM
Copyright Business Wire 2008
View Additional ProfilesNEWTON, Mass.--(BUSINESS WIRE)--
MFIC Corporation (OTCBB: MFIC) today reported financial results for the quarter and year-ended December 31, 2007. MFIC is an industry-leader in high-shear liquid processing equipment to produce the most uniform and smallest liquid and solid particles available for the biotech, pharmaceutical, chemical, personal care and food industries.
MFIC reported that for the fourth quarter ended December 31, 2007, the Company achieved $287,000 or $0.03 per basic and diluted share EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization). This compares to the record fourth quarter of 2006-the highest revenue quarter in MFIC's history-where the Company reported $828,000 or $0.08 per basic and diluted share EBITDA. For the fourth quarter 2007, the Company posted revenues of approximately $4.32 million compared to $5.04 million during the fourth quarter of 2006, representing a decrease of approximately 14%. For the fourth quarter ended December 31, 2007, the Company posted a net loss of $124,000 or $0.01 per basic and diluted share, as compared with net income of $1.02 million or $0.10 per basic and diluted share, for the quarter ended December 31, 2006. Of note, the fourth quarter 2007 results included an income tax provision of $369,000, ($0.04 per share), while the fourth quarter of 2006 included an income tax benefit of $228,000 ($0.02 per share).
For the twelve-month period ended December 31, 2007, MFIC reported negative EBITDA of $1.01 million or $0.10 per basic and diluted share. This compares to the year ended 2006 where the Company reported EBITDA of $1.38 million or $0.14 and $0.13 per basic and diluted share, respectively. MFIC also reported revenues for year ended 2007 of approximately $12.99 million compared to $15.65 million for the year ended December 31, 2006, representing a decrease of 17%. For the year ended December 31, 2007, the Company reported a net loss of $1.5 million or $0.15 per basic and diluted share compared to a net income of $1.3 million or $0.13 and $0.12 per basic and diluted share respectively for same period in 2006.
"As the new CEO of MFIC, my focus in 2008 is to build a solid foundation for sustainable growth," said Michael C. Ferrara. "We are implementing a plan focused on technological innovation, expanded senior leadership and a restructured sales and marketing model. The plan identifies a number of strategic investments to drive both top line and bottom line improvement and focus MFIC on quality and the customer."
The Company's order backlog at December 31, 2007 was $4.39 million compared to backlog of $3.01 million as of December 31, 2006. Backlog grew to approximately $4.71 million as of March 7, 2008, compared to $3.57 million as of March 23, 2007.Backlog represents orders in hand that typically take between one and six months to deliver.
During 2007, MFIC accomplished a number of significant milestones:
-- Introduced the M-110P Microfluidizer(R) processor, an
innovative benchtop "Plug and Play" machine. Orders for twelve
machines were in MFIC's backlog by year-end and have increased
to twenty four as of March 7, 2008.
-- Presented data supporting the significance of Microfluidics
Reaction Technology during a poster presentation at the Nano
Science and Technology Institute Nanotech 2007 Conference.
-- Announced that the Company's subsidiary, Microfluidics, was
named a technology category winner in the third annual
Nanotech Briefs(R) Nano 50(TM) Awards for its revolutionary
new Microfluidics Reaction Technology-a next-generation
approach in the production of nanosuspensions to help
pharmaceutical and biotechnology companies develop and
ultimately manufacture difficult to formulate drugs.
-- Opened the Microfluidics Technology Center, which serves as an
innovation hub for the Company's highly-specialized research
team.
About MFIC Corporation:
MFIC Corporation, through its Microfluidics Division, designs, manufactures and distributes proprietary high performance Microfluidizer(R) materials processing and formulation 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 particles 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.
News 
Market Data 
Discover 
