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Media Sciences(R) Doubles Net Income in First Quarter
Company Reports Sales Increase of 8%, Solid Ink Sales Increase of 19%
OAKLAND, N.J., nov.05– Media Sciences International, Inc. , a leading independent manufacturer of generic supplies for office color printers, today announced its first quarter earnings for the period ending September 30, 2005.
Consolidated net sales for the quarter ended September 30, 2005 increased approximately eight percent to $4.8 million from $4.4 million for the same period in the prior year. In the Company’s first quarter, solid ink sales increased by 19 percent and color toner cartridge sales increased by five percent. For the three months ended September 30, 2005, net income from continuing operations was $0.42 million, or $0.04 per share basic and diluted, versus $0.18 million or $0.02 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 a discontinued operation. Sales and service revenues from discontinued operations for the quarter ended September 30, 2004 were $0.44 million. The pre-tax income from discontinued operations for the three months ended September 30, 2004 was $0.056 million.
New product shipments of solid ink sticks for use in the well-received Xerox(R) WorkCentre(R) C2424 multifunction printer began in August 2005, while shipments of color toner cartridges for use in the Oki(R) 5000 series of printers began in late September 2005. Also in the first quarter, the company announced new solid ink products for use in the highly acclaimed Xerox Phaser(R) 8500 series (November 2005 est. ship date) and new color toner products for use in the Oki 7000 and 9000 series of printers (January 2006 est. ship date).
The third generation INKlusive(R) Free Color Printer Program, in which customers buy supplies and get a printer for free, was launched in expanded form in August 2005 to include a choice of four office color printers (Xerox WorkCentre C2424, Xerox 8500 or 8550 and Oki C5200n). Shipments for the new INKlusive program began in the latter part of the first quarter.
Michael W. Levin, President and Chairman of Media Sciences International, Inc., commented on the Company’s performance in the first quarter. “Our margins benefited significantly from improvements in manufacturing efficiency and from our toner product mix. Response to our new solid ink and color toner products shipped this quarter has been excellent and customer anticipation is positive for the solid ink and toner lines expected to ship over the next few months.”
Mr. Levin added that, owing to upcoming new products as well as current sales trends of existing products, the Company expects growth in sales of color toner cartridges to outpace growth in sales of solid ink products in fiscal 2006.
“Media Sciences’ commitment to providing quality, value, and a choice to our customers has never been stronger. As more small and large offices convert to color, our expanding product line means that many of these end users will have a high-quality choice when purchasing supplies for their office color printers. Our years of experience, quality assurance, and proven warranty protection empower customers to make that choice with tremendous confidence.”
For more information about Media Sciences or its SEC filings, visit the investor relations section of the Company’s website at http://www.mediasciences.com/.
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