MEDIA SCIENCE COLOR TONER SALES UP 41 %

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MEDIA SCIENCE COLOR TONER SALES UP 41 %

 user 2006-02-14 at 9:51:00 am Views: 55
  • #14093

    Media Sciences Doubles Income for Second Consecutive Quarter
    Company Reports Color Toner Cartridge Sales Increase of 41%
    OAKLAND,
    N.J., Feb.06– Media Sciences International, Inc. a leading independent
    manufacturer of generic supplies for office color printers, today
    announced its second quarter
    earnings for the period ended December 31, 2005.
    Consolidated
    net sales for the quarter ended December 31, 2005, increased
    approximately ten percent to $5.1 million from $4.7 million for the
    same period in the prior year. In the Company’s second quarter, color
    toner cartridge sales increased by 41 percent and solid ink sales
    increased by three percent. Consolidated net sales for the six-month
    period ended December 31, 2005 increased to $9.9 million from $9.1
    million for the same period in the prior year.
    Consolidated gross
    profit for the three months ended December 31, 2005 was $2.9 million or
    approximately 57% of sales as compared to $2.3 million or approximately
    49% of sales for the period ended December 31, 2004. Consolidated gross
    profit for the six months ended December 31, 2005 was $5.6 million or
    approximately 56% of sales as compared to $4.4 million or approximately
    49% of sales for the period ending December 31, 2004. Media Sciences
    has benefited from margin expansion due to increased efficiencies in
    solid ink manufacturing and the mix of products comprising its toner
    sales. Margins for the remainder of the fiscal year are expected to
    remain fairly consistent with current results.
    For the three months
    ended December 31, 2005, income from continuing operations was $0.45
    million or $0.04 per share basic and diluted, versus $0.24 million or
    $0.02 per share basic and diluted in the prior year. For the six months
    ended December 31, 2005, income from continuing operations was $0.88
    million or $0.08 per share basic and diluted, versus $0.42 million or
    $0.04 per share basic and diluted in the prior year.
    In May 2005,
    the Company ceased all electronic pre-press system sales and service
    operations, which represented a majority of the operations of the
    Company’s Cadapult subsidiary. The results of operations for that line
    of business are classified as discontinued operations. Sales and
    service revenues from discontinued operations for the quarter ended
    December 31, 2004 were $0.45 million. Income from discontinued
    operations for the three months ended December 31, 2004 was $0.033
    million. Sales and service revenues from discontinued operations for
    the six months ended December 31, 2004 were $0.89 million. Income from
    discontinued operations for the six months ended December 31, 2004 was
    $0.066 million.
    Media Sciences expects overall revenue growth in the
    second half of fiscal year 2006 to outpace revenue growth in the first
    half. As a result of new products and current sales trends of existing
    products, the Company anticipates growth in sales of color toner
    cartridges to outpace growth in sales of solid ink products in fiscal
    2006.
    Expansion of Development and Sales Teams and Product Line
    In
    December 2005, Lawrence L. Anderson was promoted to Chief Operating
    Officer, with responsibility for the Company’s research and
    development. Also in December the Company hired Robert Catena, formerly
    of Sun Chemical, to the new position of Director of Solid Ink
    Development.
    Further, the Company expanded its sales force with the
    addition of two regional sales directors in the past 90 days. These
    senior-level professionals bring to Media Sciences a combined 35 years
    of experience in selling aftermarket supplies.
    New product shipments
    that began in December included solid ink sticks for use in the Xerox®
    Phaser® 8500 and 8550 printers and color toner cartridges for use in
    the Ricoh® AP3800C and related printer engines. The Company anticipates
    two new product introductions before the end of its third quarter.
    Exceptional Rating in Corporate Governance
    The
    strengths, deficiencies and risks of the Company’s corporate governance
    practices and board of directors were recently reviewed by
    Institutional Shareholder Services (ISS). As a result of recent changes
    to its corporate governance practices, Media Sciences’ Corporate
    Governance Quotient (CGQ®) as of February 1, 2006 was upgraded to the
    98.7 percentile of CGQ Universe companies. The CGQ corporate governance
    rating system is provided by ISS on over 8,000 companies worldwide.
    On
    the exceptional CGQ rating, Michael W. Levin, President and Chairman of
    Media Sciences International, Inc., commented, “Media Sciences embraces
    strong corporate governance practices and strives for consistent and
    transparent communications. We are pleased to see our standards of
    excellence in this area reflected so positively in the Corporate
    Governance Quotient on GFX provided by ISS.”
    Office Color Opportunity
    “Color
    printers with faster print speeds and higher quality are available at
    ever lower prices, making the migration of business printing from
    monochrome to color inevitable,” remarked Mr. Levin. On the unique
    position held by Media Sciences, he continued, “At Media Sciences, we
    are continually and strategically expanding our product line and our
    team so that more and more businesses using Oki®, Konica-Minolta®,
    Xerox®, and numerous other brands of office color printers will have
    the opportunity to save up to 30 percent when they select the Media
    Sciences® brand of newly manufactured supplies. Our knowledge and
    experience, our all newly manufactured and quality-tested products, and
    our proven warranty protection are empowering a growing base of
    customers to choose the Media Sciences alternative with tremendous
    confidence.”