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Memry Corporation Third Fiscal Quarter Revenues Up 10% to $14M; Net Income Up 107% to $1.5M or $0.05 Per Share
Thursday May 4, 4:28 pm ET
Company Cites Strong 35% Growth in Polymer Products Segment
BETHEL, Conn., May 4 /PRNewswire-FirstCall/ -- Memry Corporation (Amex: MRY - News) reported today revenues of $13,993,000 for the third fiscal quarter ended March 31, 2006, up 10% from $12,674,000 in the comparable quarter a year earlier. Net income was up 107% to $1,521,000, or $0.05 per diluted share, compared with net income of $735,000, or $0.03 per diluted share in the comparable period last year.
For the first nine months of fiscal year 2006, revenues were $39,309,000, compared with revenues of $31,662,000 in the first nine months of fiscal 2005, an increase of $7,647,000 or 24%. Net income in the first nine months was $1,786,000, or $0.06 per diluted share, compared with net income of $1,845,000, or $0.07 per diluted share in the first nine months of fiscal year 2005.
Memry CEO Robert Belcher said, "A strong performance by our Putnam Polymer products segment drove the revenue increase during the quarter. Polymer revenues were $4,146,000, an increase of $1,074,000 or 35% over the same quarter a year earlier. This increase was led by shipments of catheter and guidewire products to a number of different customers. The Polymer products segment increased to 30% of total revenues compared with 24% of total revenues in the third fiscal quarter of 2005.
"Revenues from our Nitinol product segment were up 3% or $316,000 to $9,935,000 in the quarter. This reflected increased sales of super elastic tubing for existing customers as well as revenues from prototype development, R&D activities and several other product lines. Offsetting these increases were decreased shipments of arch wire, Nitinol tube-based stent components, and microcoil and guidewire products.
"Our consolidated gross profit increased from 40% in the third fiscal quarter a year ago to 42% in the third fiscal quarter of 2006. This reflected higher gross margins in both our Polymer and Nitinol segments. The Polymer segment's gross margin, which increased to 44% of revenues, was higher than the margin in the Nitinol segment," Belcher said.
Income tax expense was $737,000 for the third fiscal quarter of 2006, compared with $471,000 in the comparable period last year. Income tax expense for the third fiscal quarter of 2006 includes tax benefits of approximately $176,000 resulting from the tax effects of foreign sales in both fiscal 2005 and fiscal 2006, as well as the reversal of certain incentive stock option expenses.
"We are continuing to invest in manufacturing operations in our Polymer segment to support its growth," Belcher said. "This includes staff, equipment and systems needed to grow the business. Our cash flow continued to be quite strong. Our net interest expense was $252,000, down from $407,000 a year ago. This was the result of the reduction in average outstanding debt.
"This was a particularly strong quarter for our company. Our healthy increase in revenue, improved gross margins and reduced operating expenses as a percentage of revenues contributed to an exceptional increase in operating income. Polymer product sales are strong and we are hopeful that new products in the Nitinol segment will help build future revenues."
The company will host a conference call with Belcher and senior members of the management team on Friday, May 5 at 11 a.m. Eastern. The call will cover Memry's 2006 fiscal third quarter earnings. Belcher will open the conference call, followed by a question-and-answer session. To participate in this call, dial (877) 407-8031 any time after 10:55 a.m. Eastern on May 5. International callers should dial (201) 689-8031.
A copy of the financial statements follows.
About Memry Corporation
Memry Corporation provides design, engineering, development and manufacturing services to the medical device and other industries using the company's proprietary shape memory alloy and polymer extrusion technologies. Medical device products include stent components, catheter components, guidewires, laparoscopic surgical sub-assemblies and orthopedic instruments as well as complex, multi-lumen, multi-layer polymer extrusions used for guidewires, catheters, delivery systems and various other high-end interventional medical devices.
An investment profile on Memry may be found at
http://www.hawkassociates.com/memry/profile.htm .
For more information, contact CEO Robert P. Belcher at (203) 739-1100, e-mail:
Robert_Belcher@memry.com , or Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail:
info@hawkassociates.com . Detailed information about Memry Corporation can be found at
http://www.memry.com . Copies of Memry Corporation press releases, SEC filings, current price quotes, stock charts and other valuable information for investors may be found at
http://www.hawkassociates.com and
http://www.americanmicrocaps.com .
