8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2014

MOCON, INC.

(Exact name of registrant as specified in its charter)

Minnesota	000-09273	41-0903312
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

7500 Mendelssohn Avenue North Minneapolis, MN	55428
(Address of Principal Executive Offices)	(Zip Code)

(763) 493-6370

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02     Results of Operations and Financial Condition.

On May 7, 2014, MOCON, Inc. issued a press release announcing its results of operations and financial condition for its first quarter ended March 31, 2014. A copy of this press release is attached hereto as Exhibit 99.1.

The information contained in this Item 2.02 and the exhibit to this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any filings made by MOCON, Inc. under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Section 9 – Financial Statements and Exhibits

Item 9.01     Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit No.	Description
99.1	Press Release issued May 7, 2014

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		MOCON, INC.
Dated: May 7, 2014	By:	/s/Darrell B. Lee
		Darrell B. Lee Vice President, Chief Financial Officer, Treasurer and Secretary

3

MOCON, INC.

CURRENT REPORT ON FORM 8-K

INDEX TO EXHIBITS

Exhibit No.	Description	Method of Filing
99.1	Press Release issued May 7, 2014	Furnished herewith

4

EX-99

Exhibit 99.1

FOR IMMEDIATE RELEASE	For More Information Contact
	Darrell Lee, CFO/VP
May 7, 2014	763-493-6370 / www.mocon.com

MOCON Announces Increased Revenues for the First Quarter 2014

MINNEAPOLIS, MN, May 7, 2014 – MOCON, Inc. (NASDAQ: MOCO) today reported sales of $15.3 million for the first quarter ended March 31, 2014, an increase of six percent compared to $14.4 million for the same quarter in 2013. The revenue growth was primarily attributed to our Permeation segment which recorded a 17.8 percent increase over the prior year quarter. Net income for the first quarter 2014 was $730,000, or $0.13 per diluted share, compared to net income of $867,000 or $0.15 per diluted share, in the first quarter 2013.

Sales in our Permeation segment increased in the current quarter compared to last year as international shipments of instruments, primarily to Asia and Europe, picked up significantly. Sales in our Package Testing segment were up slightly over the prior year as increased sales of OEM mixers and online instruments were mostly offset by a decline in sales of headspace analyzers and leak detectors. Sales in our Industrial Analyzer segment for the first quarter 2014 were down slightly compared to the prior year first quarter. An increase in sensor sales to new OEM customers, primarily in the Asia Pacific region, was offset by a decrease in sales of instruments to the beverage gas market. Sales to the oil and gas drilling market continued to be strong.

The company-wide gross margin decreased slightly in the first quarter 2014 compared to the prior year – from 55.2 percent to 54.8 percent. This decrease was primarily due to a shift in product mix to a higher percentage of OEM sensors in our Industrial Analyzer segment, which carry a lower margin, and some residual product substitutions relating to the warranty issue discovered in the fourth quarter of 2013 in our Package Testing segment. Selling, general and administrative expenses were higher in the first quarter 2014 compared to the same period last year primarily due to increased headcount and contract labor, as well as higher audit and SOX consulting fees.

“We are pleased to report a six percent growth in revenues for the quarter and encouraged by the fact that overall international sales grew at an 18 percent rate,” said Robert L. Demorest, MOCON President and CEO. “We are committed to improving our bottom line with an emphasis on gross margin growth and a reduction of our operating and administrative expenses as we continue to integrate our Danish acquisition.”

About MOCON

MOCON is a leading provider of detectors, instruments, systems and consulting services to research laboratories, production facilities, and quality control and safety departments in the medical, pharmaceutical, food and beverage, packaging, environmental, oil and gas and other industries worldwide. See www.mocon.com for more information.

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that can be identified by words such as “will,” “may,” “expect,” “believe,” “anticipate,” “estimate,” “continue,” or other similar expressions. All forward-looking statements speak only as of the date of this press release. MOCON undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to the risks and uncertainties of ordinary business operations and conditions in the general economy and the markets in which the company competes, there are important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements made in this press release. These factors include, but are not limited to, the integration and performance of Dansensor, the terms of our credit agreement including financial covenants included therein, competition and technological change, setbacks in product development programs, order cancellations, dependence on certain key industries, and other factors set forth in the company’s Annual Report on Form 10-K for the year ended December 31, 2013 and other documents MOCON files with or furnishes to the Securities and Exchange Commission.

MOCON's shares are traded on the NASDAQ Global Market System under the symbol MOCO.

MOCON is a registered trademark of MOCON, Inc.; other trademarks are those of their respective holders.

MOCON, INC.

SUMMARY CONSOLIDATED FINANCIAL DATA

(in Thousands, Except Per Share Data)

INCOME STATEMENT DATA: (unaudited)

	Quarters Ended March 31,
	2014			2013
Sales
Products	$	14,642		$	13,742
Consulting services		671			705
Total sales		15,313			14,447
Cost of sales
Products		6,467			6,008
Consulting services		457			462
Total cost of sales		6,924			6,470
Gross profit		8,389			7,977
Selling, general and administrative expenses		6,143			5,603
Research and development expenses		1,125			1,119
Operating income		1,121			1,255
Other income (expense), net		(57	)		(104	)
Income before income taxes		1,064			1,151
Income tax expense		334			284
NET INCOME	$	730		$	867
Net income per common share:
Basic	$	0.13		$	0.16
Diluted	$	0.13		$	0.15
Weighted average common shares outstanding:
Basic		5,641			5,521
Diluted		5,778			5,677

BALANCE SHEET DATA: (unaudited)

	March 31, 2014		December 31, 2013
Assets:
Cash and marketable securities	$	4,463	$	4,338
Accounts receivable, net		11,827		12,609
Inventories		7,800		7,471
Other current assets		3,091		3,151
Total current assets		27,181		27,569
Property, plant and equipment, net		5,760		5,727
Investment in affiliated company		3,438		3,442
Goodwill, intangibles and other assets		21,888		21,966
Total assets	$	58,267	$	58,704
Liabilities and Stockholders’ Equity:
Revolving lines of credit	$	3,454	$	4,264
Notes payable, current		2,691		2,698
Other current liabilities		10,308		9,973
Total noncurrent liabilities		4,019		4,300
Stockholders’ equity		37,795		37,469
Total liabilities and stockholders’ equity	$	58,267	$	58,704