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In a release dated October 29, the company stated:
- Revenues for the quarter were $7.2 million, compared to $6.9 million for the same period in 2008. Revenues for the third quarter of 2009 were positively impacted by a 29 percent increase in revenues from Life Science products compared to the third quarter of 2008.
- Year-to-date revenues through September 30, were $21 million, compared to $20.6 million for the same period last year.
Francis DiNuzzo, the company's Chief Executive Officer, said, "The third quarter of 2009 demonstrated sustained quarter-over-quarter growth and continued progress in our efforts to solidify our core businesses and achieve a streamlined structure to drive profit. While the markets we serve continue to be impacted by the challenging economic environment, resulting in slow growth in the near term, we believe that we have scaled our operations to achieve profitability in the future. Moreover, we continue to win new customers and receive positive responses to our new technologies, products, and services."
- Gross profit (defined as total revenues less manufacturing expenses) for the quarter ended September 30, was $4.1 million, as compared to $3.3 million for the same period in 2008. Gross margins were 57 percent for the third quarter of 2009, compared to 48 percent for the same period in 2008. Included in the manufacturing expenses for the quarter ended September 30, are expenses of approximately $182,000 related to the previously announced consolidation of the company's Texas manufacturing facility into its Delaware facility.
- Selling, general and administrative (SG&A) expenses were $3.6 million for the third quarter of 2009, compared to $3.5 million for the third quarter of 2008. Research and development (R&D) expenses decreased to $752,000 for the third quarter of 2009 from $969,000 for the third quarter of 2008.
- Operating loss for the third quarter fell to $281,000, compared to $1.1 million in the third quarter of 2008. Pre-tax loss for the third quarter of 2009 was $290,000, compared to $1.1 million for the prior year's third quarter. Net loss for the third quarter of 2009 was $291,000, or $0.01 per diluted share, compared to a net loss of $2.2 million, or $0.11 per diluted share, for the third quarter last year.
- The company completed the quarter ended September 30, with $8.5 million in available and restricted cash and stockholders' equity of $20.2 million.
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