MEDIA SCIENCES REPORTS RECORD REVENUES

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MEDIA SCIENCES REPORTS RECORD REVENUES

 user 2007-02-15 at 12:21:00 pm Views: 63
  • #17654

    Media Sciences Reports 38% Increase in Net Income on Record Revenues
    OAKLAND, N.J., Feb. 07 — Media Sciences International, Inc., the leading independent manufacturer of color toner cartridges and solid ink sticks for color business printers, today announced its second quarter financial results for the period ended December 31, 2006. The Company will host a conference call tomorrow morning at 8:45 a.m. ET to discuss its quarterly results.

    Net revenues for the second quarter were the best on record and $0.1 million ahead of the prior record set in the Company’s fiscal 2006 fourth quarter ended June 30, 2006. Consolidated net revenues for the three months ended December 31, 2006 compared to the same period in 2005, increased by $0.9 million, or 18% to $6.1 million, from $5.1 million. For the six months ended December 31, 2006 compared to the same period in 2005, net revenues increased by $1.8 million, or 18% to $11.7 million, from $9.9 million. The Company’s net revenue growth rate increased from the 10% and 9% realized, respectively, during the three and six months ended December 31, 2005 over the same period in 2004.For the three months ended December 31, 2006 as compared to the same period in 2005, sales of color toner cartridges increased by about 35%, while sales of solid ink sticks increased approximately 22%. For the six months ended December 31, 2006 as compared to the same period in 2005, sales of color toner cartridges increased by about 38%, while sales of solid ink sticks increased approximately 15%. For the three and six months ended December 31, 2006 as compared to the same period in 2005, the Company experienced declines in its net revenues from its legacy Cadapult Graphics Systems business and from INKlusive printer sales. Placements of INKlusive printers during the three months ended December 31, 2006 were down as customers anticipated a new solid ink printer introduction, which is expected to occur in early 2007.

    The year-over-year increase in net revenues is attributed primarily to recurring sales from the Company’s growing portfolio of color business printer supply products. To a lesser extent, some of the noted growth is also attributed to the general growth and increased market acceptance of color business printers and an increase in market share for some of our existing products.in October 2006, Media Sciences began shipping toner cartridges for use in the Oki(R) C3100 and C3200 color business printers, with an installed base that is now the fourth largest in our portfolio of products. The European market comprises more than 80% of the estimated total installed base.In late December 2006, Media Sciences began shipping high capacity toner cartridges for use in the Dell(R) 3000cn and 3100cn color business printers, Standard capacity versions for use in the Dell 3000cn, 3010cn, 3100cn and color toner cartridges for use in the Epson(R) AcuLaser(R) CX11N, CX11NF, and C1100 color business printers are expected to be available for shipment later this month. In total, this product launch represents the largest single installed base in the Company’s portfolio of products.Consolidated net revenues for the three months ended December 31, 2006 compared to that of the prior quarter ended September 30, 2006, increased sequentially by $0.5 million, or 8% to $6.1 million, from $5.6 million. Much of this sequential growth is attributed to contributions from these two new toner-based product introductions as well as continued growth of the Company’s solid ink business.