*NEWS*MEDIA SCIENCES:2ND Q. $ 5.1 MILLION

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*NEWS*MEDIA SCIENCES:2ND Q. $ 5.1 MILLION

 user 2005-02-16 at 10:38:00 am Views: 76
  • #10292

    Media Sciences Announces Second Quarter Financial
    Results

    ALLENDALE,N.J.,Feb.05–Media Sciences International,
    Inc.,the leading independent manufacturer of
    Generic supplies for
    office color printers
    ,announces results for the quarter ended December 31,
    2004.

    Consolidated sales for the three months ended December 31,
    2004 increased approximately 16% to $5.1 million from $4.4 million in the same
    period last year. Media Sciences sales increased approximately 37% to $4.4
    million. Consolidated sales for the six months ended December 31, 2004 increased
    approximately 24% to $10 million from $8.0 million in the same period last year.
    During the six months ended December 31, 2004, Media Sciences sales increased
    approximately 40% to $8.5 million.

    For the three months ended December 31, 2004, the Company
    earned $0.263 million or $0.03 per share basic and diluted. For the six months
    ended December 31, 2004, the Company earned $0.53 million or $0.05 per share
    basic and diluted. For the three and six months ended December 31, 2003, the
    Company lost $1.6 million and $1.5 million, or $(0.45) and $(0.43) per share
    respectively. The loss in 2003 was attributable to a non-cash induced conversion
    charge.

    “During the second quarter we built on the momentum
    generated in our first quarter,” said Michael W. Levin, President and Chairman.
    “We continued to execute on our sales and marketing strategy of increasing
    awareness of Media Sciences supplies resulting in another quarter of record
    sales. Further, we announced a significant new Clearcase(R) toner product line
    for use in the Konica-Minolta(R) 2300 and Epson(R) C900/1900 series color
    printers with initial shipments this month and volume shipments scheduled for
    April.”

    Levin continues, “With a robust new product pipeline for
    the next 12 months, combined with our shipment of generic supplies to address
    the largest installed base of office color printers represented by the
    Konica-Minolta(R) magicolorTM 2300 and Epson Aculaser(R) C900/1900, we are
    significantly increasing the market opportunity and growth potential of Media
    Sciences.”

    About Media Sciences International,
    Inc. (Amex: GFX), Media Sciences is the leading independent manufacturer
    of office color printer supplies. Media Sciences products, which include color
    toner cartridges and solid ink sticks, are the generic alternative to the
    printer manufacturer’s brand. Media Sciences products offer customers the
    ability to save up to 40% on their office color printer supplies. Media Sciences
    products are sold through an international network of dealers, national office
    supply resellers and distributors under the Media Sciences brand, as well as,
    several private brands. All Media Sciences products are backed with a 100%
    satisfaction warranty. For more information visit http://www.mediasciences.com or
    contact 201-677-9311 ext 226.

    Media Sciences and Clearcase are registered trademarks of
    Media Sciences, Inc. Epson Aculaser is a registered trademark of Seiko Epson
    Corporation. Konica Minolta is a registered trademark of Konica Corporation.
    magicolor is a trademark of Konica- Minolta Printing Solutions USA, Inc.

    This news release contains forward-looking statements and
    information that are based on management’s beliefs, as well as assumptions made
    by, and information currently available to, management. These forward-looking
    statements are based on many assumptions and factors, and are subject to many
    conditions, including Media Sciences International’s continuing ability to
    obtain additional financing, dependence on contracts with suppliers, competitive
    pricing for Media Sciences International’s products, demand for the Media
    Sciences International’s products which depends upon the condition of the
    related industries,, and the effects of increased indebtedness as a result of
    Media Sciences International’s business acquisitions and operations. Except for
    the historical information contained in this news release, all forward-looking
    statements and information are estimates by Media Sciences International’s
    management and are subject to various risks, uncertainties and other factors
    that may be beyond Media Sciences International’s control and may cause results
    to differ from management’s current expectations, which may cause actual
    results, performance or achievements of Media Sciences International, Inc. to be
    materially different from future results, performance or achievements expressed
    or implied by such forward-looking statements.

                 MEDIA SCIENCES INTERNATIONAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    ASSETS December 31, June 30,
    2004 2004
    (Unaudited)
    CURRENT ASSETS :
    Cash $471,406 $666,116
    Accounts receivable, less allowance
    for doubtful accounts of $35,000 2,988,244 1,626,287
    Settlement receivable - 500,000
    Landlord receivable 62,117 -
    Inventories 2,550,965 2,274,088
    Deferred income taxes 812,714 1,126,434
    Prepaid expenses and other current
    assets 429,120 280,530
    Total Current
    Assets 7,314,566 6,473,455
    PROPERTY AND EQUIPMENT,
    NET 1,169,658 1,072,186
    OTHER ASSETS:
    Goodwill and other intangible
    assets, net 4,465,284 4,468,973
    Other assets 69,858 48,100
    4,535,142 4,517,073
    TOTAL ASSETS $13,019,366 $12,062,714
    LIABILITIES AND SHAREHOLDERS' EQUITY
    CURRENT LIABILITIES:
    Bank debt $3,000,000 $2,189,054
    Short-term debt and current
    maturities of long-term debt 17,625 39,081
    Accounts payable 1,488,485 2,511,117
    Accrued expenses and
    other current liabilities 363,360 248,580
    Income taxes payable 82,209 92,651
    Accrued product warranty 339,382 340,592
    Deferred revenue 512,011 153,273
    Total Current Liabilities 5,803,072 5,574,348
    OTHER LIABILITIES :
    Deferred tax liabilities 543,880 543,880
    Total Other Liabilities 543,880 543,880
    TOTAL LIABILITIES 6,346,952 6,118,228
    COMMITMENTS AND CONTINGENCIES
    SHAREHOLDERS' EQUITY :
    Common Stock, .001 par value
    Authorized 20,000,000 shares; issued
    10,032,710 shares in December, 10,034 9,858
    9,857,210 shares in June.
    Additional paid-in capital 7,623,065 7,425,540
    Cost of 10,564 shares of common
    stock in treasury (20,832) (20,832)
    Accumulated deficit (939,853) (1,470,080)
    Total Shareholders' equity 6,672,414 5,944,486
    TOTAL LIABILITIES AND
    SHAREHOLDERS' EQUITY $13,019,366 $12,062,714
    MEDIA SCIENCES INTERNATIONAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
    Three Months Ended Six Months Ended
    December 31, December 31,
    2004 2003 2004 2003
    NET SALES $5,107,492 $4,417,483 $9,959,361 $8,033,001
    COST OF GOODS SOLD:
    Cost of goods sold,
    excluding
    depreciation 2,565,782 2,132,869 5,065,394 $3,747,507
    Depreciation 70,897 139,662 134,216 284,817
    Total cost of
    goods sold 2,636,679 2,272,531 5,199,610 4,032,324
    GROSS PROFIT 2,470,813 2,144,952 4,759,751 4,000,677
    OTHER COSTS AND
    EXPENSES:
    Selling, general
    and
    administrative,
    excluding
    depreciation and
    amortization 1,920,820 1,478,072 3,644,983 2,788,823
    Depreciation and
    amortization 59,121 67,139 125,670 129,586
    Total other
    costs and
    expenses 1,979,941 1,545,211 3,770,653 2,918,409
    INCOME FROM OPERATIONS 490,872 599,741 989,098 1,082,268
    INTEREST EXPENSE 52,865 93,900 105,386 201,208
    INCOME BEFORE INCOME
    TAXES 438,007 505,841 883,712 881,060
    PROVISION FOR INCOME
    TAXES:
    Current 19,708 45,653 39,765 79,289
    Deferred 155,494 156,818 313,720 273,136
    175,202 202,471 353,485 352,425
    NET INCOME 262,805 303,370 530,227 528,635
    PREFERRED STOCK
    DIVIDENDS AND CHARGE
    FOR
    INDUCED CONVERSION - 1,913,824 - 2,071,230
    NET INCOME (LOSS)
    APPLICABLE TO COMMON
    SHAREHOLDERS $262,805 $(1,610,454) $530,227 $(1,542,595)
    BASIC WEIGHTED AVERAGE
    COMMON SHARES
    OUTSTANDING 9,937,043 3,577,210 9,925,916 3,577,210
    DILUTED WEIGHTED
    AVERAGE COMMON SHARES
    OUTSTANDING 10,361,754 3,577,210 10,409,873 3,577,210
    BASIC AND DILUTED NET
    INCOME (LOSS) PER
    SHARE
    APPLICABLE TO COMMON
    SHAREHOLDERS $0.03 $(0.45) $0.05 $(0.43)

    SOURCE Media Sciences International, Inc.