PCYN.. $0.12 earnings...Cheap..
Bigger customer base boosts 2Q at medical supply firm Procyon
Tampa Bay Business Journal
Date: Friday, February 11, 2011, 10:41am EST
Related: Health Care
Procyon Corp. reported net income of $78,905, or 1 cent a share, for the three months ended Dec. 31, compared with a net loss of $4,977, or 0 cents a share, for the same period a year earlier.
Net sales for the just-ended quarter, the second quarter of the company’s fiscal year, were $744,234, compared with $548,644 in the year-ago period, a filing with the Securities and Exchange Commission said.
Sales and profit increased largely because of the expansion of the customer base, increases in market share and an increased number of customers purchasing early to avoid an announced price increase the company implemented effective Jan. 1, the filing said.
Procyon (OTCBB: PCYN) is a medical supply firm headquartered in Clearwater.
Read more: Bigger customer base boosts 2Q at medical supply firm Procyon | Tampa Bay Business Journal
PROCYON CORPORATION & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2010 and June 30, 2010
(unaudited) (audited)
ASSETS December 31, June 30,
2010 2010
CURRENT ASSETS
Cash $ 815,031 $ 827,512
Certificates of Deposit, plus accrued interest 104,584 54,028
Accounts Receivable, less allowance for doubtful 254,297 184,130
accounts of $1,000.
Inventories 233,781 188,287
Prepaid Expenses 113,367 116,815
Deferred Tax Asset 104,986 121,391
TOTAL CURRENT ASSETS 1,626,046 1,492,163
PROPERTY AND EQUIPMENT, NET 549,241 513,925
OTHER ASSETS
Deposits 792 1,854
Deferred Tax Asset 781,277 861,945
782,069 863,799
TOTAL ASSETS $ 2,957,356 $ 2,869,887
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 140,684 $ 184,942
Accrued Expenses 122,436 128,006
Current Portion of Mortgage Payable 27,210 26,335
TOTAL CURRENT LIABILITIES 290,330 339,283
LONG TERM LIABILITIES
Mortgage Payable 383,816 397,367
TOTAL LONG TERM LIABILITIES 383,816 397,367
STOCKHOLDERS' EQUITY
Preferred Stock, 496,000,000 shares - -
authorized, none issued.
Series A Cumulative Convertible Preferred Stock, 154,950 154,950
no par value; 4,000,000 shares authorized;
199,100 shares issued and outstanding.
Common Stock, no par value, 80,000,000 shares 4,416,676 4,416,676
authorized; 8,055,388 shares issued and
outstanding.
Paid-in Capital 6,000 6,000
Accumulated Deficit (2,294,416 ) (2,444,389 )
TOTAL STOCKHOLDERS' EQUITY $ 2,283,210 2,133,237
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,957,356 $ 2,869,887
The accompanying notes are an integral part of these financial statements.
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CONSOLIDATED STATEMENTS OF OPERATIONS
Three & Six Months Ended December 31, 2010 and 2009
(unaudited) (unaudited) (unaudited) (unaudited)
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2009
NET SALES $ 744,234 $ 548,644 $ 1,398,479 $ 1,220,460
COST OF SALES 158,324 109,073 296,970 248,091
GROSS PROFIT 585,910 439,571 1,101,509 972,369
OPERATING EXPENSES
Salaries and Benefits 248,551 244,365 464,425 492,599
Selling, General and Administrative 203,681 205,411 376,904 411,311
452,232 449,776 841,329 903,910
INCOME (LOSS) FROM OPERATIONS 133,678 (10,205 ) 260,180 68,459
OTHER INCOME (EXPENSE)
Interest Expense (7,261 ) (8,150 ) (14,994 ) (16,400 )
Interest Income 907 1,500 1,860 3,689
(6,354 ) (6,650 ) (13,134 ) (12,711 )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 127,324 (16,855 ) 247,046 55,748
INCOME TAX EXPENSE (48,419 ) 2,565 (97,073 ) (26,725 )
NET INCOME (LOSS) FROM CONTINUING OPERATIONS 78,905 (14,290 ) 149,973 29,023
DISCONTINUED OPERATIONS
Income (Loss) from Operations of Discontinued Component - (17,211 ) - 39,365
Provision for Income Tax Expense - 6,477 - (14,813 )
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS - (10,734 ) - 24,552
NET INCOME (LOSS) 78,905 (25,024 ) 149,973 53,575
Dividend requirements on preferred stock (4,977 ) (4,977 ) (9,955 ) (9,955 )
Basic net income (loss) available to common shares $ 73,928 $ (30,001 ) $ 140,018 $ 43,620
Basic net income per common share
Continuing Operations $ 0.01 $ - $ 0.02 $ -
Discontinued Operations $ - $ - $ - $ -
Total Basic Net Income Per Share $ 0.01 $ - $ 0.02 $ -
Weighted average number of common shares outstanding 8,055,388 8,055,388 8,055,388 8,055,388
Diluted net income per common share
Continuing Operations $ 0.01 $ - $ 0.02 $ -
Discontinued Operations $ - $ - $ - $ -
Total Diluted Net Income Per Share $ 0.01 $ - $ 0.02 $ -
Weighted average number of common shares outstanding, diluted 8,254,488 8,055,388 8,254,488 8,254,488
