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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.
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