-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LQegLXcMpL2BsMVGXfiy/JI143XIXhJa+cxcabT4fO8Ee2uXDDhtwjnYYyGCvCpi SIR6Mv4+oMm1F3W2/ulXOA== 0001144204-04-013154.txt : 20040825 0001144204-04-013154.hdr.sgml : 20040825 20040825134146 ACCESSION NUMBER: 0001144204-04-013154 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040825 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20040825 DATE AS OF CHANGE: 20040825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MISONIX INC CENTRAL INDEX KEY: 0000880432 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY APPARATUS & FURNITURE [3821] IRS NUMBER: 112148932 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10986 FILM NUMBER: 04996013 BUSINESS ADDRESS: STREET 1: 1938 NEW HIGHWAY CITY: FARMINGDALE STATE: NY ZIP: 11747 BUSINESS PHONE: 5166949555 FORMER COMPANY: FORMER CONFORMED NAME: MEDSONIC INC DATE OF NAME CHANGE: 19930328 8-K 1 v06243.txt 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): August 25, 2004 MISONIX, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) New York 1-10986 11-2148932 - ------------------------------- ------------------------ ------------------- (State or other jurisdiction of (Commission File Number) (IRS Employer incorporation) Identification No.) 1938 New Highway, Farmingdale, NY 11735 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (631) 694-9555 -------------- - -------------------------------------------------------------------------------- (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)) Item 2.02 Results of Operations and Financial Condition. On August 25, 2004, MISONIX, INC. issued a press release announcing its financial results for the year ended June 30, 2004. The press release is attached hereto as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (c) Exhibits. Exhibit 99.1 Press Release of MISONIX, INC., dated August 25, 2004 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 25, 2004 MISONIX, INC. By: /s/ Richard Zaremba ---------------------------------------- Richard Zaremba Vice President, Chief Financial Officer, Treasurer and Secretary EXHIBIT INDEX Exhibit No. Description 99.1 Press Release of MISONIX, INC., dated August 25, 2004 EX-99.1 2 ex99_1.txt Company Contact Investor Relations Contacts - ---------------------- ------------------------------------ Michael A. McManus, Jr. Lippert/Heilshorn & Associates, Inc. President and CEO Kim Sutton Golodetz Misonix, Inc. (kgolodetz@lhai.com) (212) 838-3777 (631) 694-9555 Bruce Voss (bvoss@lhai.com) (310) 691-7100 www.misonix.com www.lhai.com - --------------- ------------ Misonix, Inc. Reports Record Revenues and Increased Earnings for Fiscal Year Ended June 30, 2004 FARMINGDALE, N.Y., August 25, 2004 Misonix, Inc. (NASDAQ NM: MSON) today reported financial results for the three and twelve months ended June 30, 2004. Highlights for the fiscal year 2004 include: o Revenues for the twelve months ended June 30, 2004 increased 12% from the prior year driven by a 22% increase in medical device product revenues. o Net income increased 78% to $1.7 million for the twelve months ended June 30, 2004 as compared to $968,000 from the same period in fiscal 2003. o The backlog of unfilled orders was $8.7 million, a 56% increase from that of June 30, 2003. o Sales of the Sonablate 500 (SB 500) have started in Europe. o The submission of a 510k application to the FDA for laparoscopic ablation. Revenues for the three months ended June 30, 2004 were $10.8 million compared with $10.9 million for the same period in fiscal 2003. The Company recorded net income for the quarter of $548,000 or $.08 per fully diluted share, compared to net income of $559,000 or $.08 per fully diluted share for the same period in fiscal 2003. Medical device product revenues decreased 3% to $5.6 million and laboratory and scientific product revenues increased 1% to $5.2 million. The decrease in medical device product revenues was attributed to an 18% decrease in diagnostic medical device revenues to $2.3 million partially offset by a 12% increase in therapeutic medical device revenues to $3.3 million. The increase in laboratory and scientific product revenues was mainly attributable to a 6% increase in sales of endoscopic cleaning and disinfecting units, and a 2% increase in sales of ductless fume enclosures, partially offset by a 20% reduction in sales of wet scrubber products and an 8% reduction in ultrasonic laboratory product sales. Revenues for the twelve months ended June 30, 2004 were $39.1 million, a 12% increase when compared with $34.9 million for the same period in fiscal 2003. The Company recorded net income for the twelve months ended June 30, 2004 of $1.7 million or $.25 per fully diluted share, a 78% increase when compared to net income of $968,000 or $.15 per fully diluted share for the same period in fiscal 2003. Medical device product revenues increased 22% to $21.4 million and laboratory and scientific product revenues increased 2% to $17.7 million. The increase in medical device product revenues was attributed to a 38% increase in therapeutic medical device revenues to $12.3 million and a 6% increase in diagnostic medical device revenues to $9.1 million. The increase in laboratory and scientific product revenues was mainly attributable to a 10% increase in ultrasonic laboratory product sales and a 6% increase in sales of Labcaire's endoscopic cleaning and disinfecting units partially offset by a 5% decrease in ductless fume enclosure sales and a 23% reduction in wet scrubber sales. As of June 30, 2004, the backlog of unfilled orders was $8.7 million, a 56% increase when compared with $5.6 million as of June 30, 2003. Medical device product backlog was $5.8 million, a 91% increase, and laboratory and scientific product backlog was $2.9 million, a 15% increase, respectively, from June 30, 2003. Mr. Michael McManus, Jr., President and Chief Executive Officer, commented, "I am very pleased to report our record revenues and the 78% increase in earnings. After resolving our past legal issues, we have not only shown steady growth, but also continued to increase revenues in our medical device businesses. Medical devices have shown growth at a rate in excess of 20%. We also continue to see the kind of increase in backlog to provide the basis for our future growth. "We expect medical device sales to grow as a result of sales of a newly designed neuroaspirator, continued sales of the SB500 and the market's overall recognition of the importance of High Intensity Focused Ultrasound technology. "We have completed our animal studies with the prototype of our product for kidney and liver cancer treatment. As previously reported, we have a submission before the FDA for the approval of laparoscopic ablation of tissue. "We anticipate our Sonora business will continue to expand as a result of new R & D efforts in probes, MRI and probe testing. Recognition of that unique work has resulted in the growing network of international distributors. "We expect to see a pick up in the sales of our laboratory and scientific products as a result of a recovery in some of our markets and from the identification of new market niches." Mr. McManus continued, "We believe that the significant growth we are showing in revenues and earnings together with our new product pipelines establishes Misonix as a leader in the application of ultrasound for medical devices." Regarding guidance, the Company said that it is expecting to increase revenues by 10%-15% and earnings by 30% for fiscal year 2005 over fiscal year 2004. Misonix develops, manufactures, and/or markets medical, scientific and industrial ultrasonic and air pollution systems and maintains a minority equity position in Focus Surgery as its exclusive manufacturer of the Sonablate 500. Forward Looking Statements: Statements in this news release looking forward in time are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including general economic conditions, delays and risks associated with the performance of contracts, uncertainties as a result of research and development, potential acquisitions, consumer and industry acceptance, litigation and/or court proceedings, and regulatory risks including approval of pending and/or contemplated 510K filings. (Tables to follow) MISONIX, INC. Consolidated Balance Sheets Audited
June 30, 2004 June 30, 2003 ------------ ------------ Assets Current Assets: Cash and cash equivalents $ 4,839,866 $ 2,279,869 Accounts receivable, net of allowance for doubtful accounts of $457,016 and $644,157, respectively 7,601,693 7,844,399 Inventories 10,944,572 8,979,472 Deferred income taxes 645,381 477,580 Prepaid expenses and other current assets 1,114,546 983,523 ------------ ------------ Total current assets 25,146,058 20,564,843 Property, plant and equipment, net 3,892,920 3,574,207 Deferred income taxes 412,201 862,690 Goodwill 4,473,713 4,473,713 Other assets 316,220 319,136 ------------ ------------ Total assets $ 34,241,112 $ 29,794,589 ============ ============ Liabilities and stockholders' equity Current liabilities: Revolving credit facilities 1,373,681 704,669 Accounts payable 4,507,476 3,563,208 Accrued expenses and other current liabilities 1,857,097 2,002,154 Income tax payable 107,282 47,453 Current maturities of long-term debt and capital lease obligations 302,932 279,554 ------------ ------------ Total current liabilities 8,148,468 6,597,038 Long-term debt and capital lease obligations 1,264,480 1,235,362 Deferred income 769,033 356,076 Minority interest 315,955 263,450 Stockholders' equity: Capital stock, $0.01 par - shares authorized 10,000,000; 6,816,253 and 6,733,665 issued and 6,738,453 and 6,655,865 outstanding, respectively 68,163 67,337 Additional paid-in capital 23,116,602 22,712,511 Retained earnings (deficit) 665,461 (1,053,484) Treasury stock, 77,800 shares (412,424) (412,424) Accumulated other comprehensive income 305,374 28,723 ------------ ------------ Total stockholders' equity 23,743,176 21,342,663 ------------ ------------ Total liabilities and stockholders' equity $ 34,241,112 $ 29,794,589 ============ ============
MISONIX, INC. Consolidated Statements of Operations Audited
Three Months Ended Twelve Months Ended June 30, June 30, 2004 2003 2004 2003 ------------ ------------ ------------ ------------ Net sales $ 10,796,810 $ 10,926,239 $ 39,059,066 $ 34,858,751 Cost of goods sold 6,378,309 6,623,440 22,542,463 20,354,558 ------------ ------------ ------------ ------------ Gross profit 4,418,501 4,302,799 16,516,603 14,504,193 Selling expenses 1,379,694 1,008,852 4,662,006 4,132,077 General and administrative expenses 1,930,290 2,056,388 7,633,930 7,023,088 Research and development expenses 719,874 509,546 2,437,752 2,109,312 Litigation (recovery) settlement expenses -- (143,329) -- (344,435) ------------ ------------ ------------ ------------ Total operating expenses 4,029,858 3,431,457 14,733,688 12,920,042 ------------ ------------ ------------ ------------ Income from operations 388,643 871,342 1,782,915 1,584,151 Total other income 296,947 218,927 1,057,191 292,701 ------------ ------------ ------------ ------------ Income before minority interest and income taxes 685,590 1,090,269 2,840,106 1,876,852 Minority interest in net income of consolidated subsidiaries 16,564 27,693 52,505 23,485 ------------ ------------ ------------ ------------ Income before income taxes 669,026 1,062,576 2,787,601 1,853,367 Income tax expense 121,158 503,634 1,068,656 885,792 ------------ ------------ ------------ ------------ Net income $ 547,868 $ 558,942 $ 1,718,945 $ 967,575 ============ ============ ============ ============ Net income per share-basic $ 0.08 $ 0.08 $ 0.26 $ 0.15 ============ ============ ============ ============ Net income per share-diluted $ 0.08 $ 0.08 $ 0.25 $ 0.15 ============ ============ ============ ============ Weighted average common shares-basic 6,702,864 6,652,198 6,667,615 6,478,138 ============ ============ ============ ============ Weighted average common shares-diluted 7,166,757 6,699,147 6,849,845 6,623,743 ============ ============ ============ ============
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