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Media Sciences(R) Announces Annual Results and 24% Annual Revenue Increase
Media Sciences International is the leading independent manufacturer of color workgroup printer supplies.
Company Reports Solid Ink Sales Increase of 50%
OAKLAND, N.J., Sept.05 /– Media
SciencesInternational, Inc, a leading independent manufacturer of
generic supplies for office
color printers, today announced its financial results for
the year ended June 30, 2005.Consolidated net sales for the fiscal year ended June 30, 2005 increased
approximately 24 percent to $17.9 million from $14.5 million in the prior
year. Income from continuing operations applicable to common shareholders for
the year ended June 30, 2005 was $0.38 million or $0.04 per share (basic and
diluted), as compared to a loss from continuing operations applicable to
common shareholders of $2.07 million or $(0.33) per share (basic and diluted)
for the year ended June 30, 2004. The company’s sales of solid ink sticks
increased approximately 50 percent over the same period in 2004 while sales of
color toner cartridges increased by approximately three percent.
Consolidated net sales for the quarter ended June 30, 2005 increased
approximately 31 percent to $4.7 million from $3.6 million in the prior year.
For the quarter ended June 30, 2005, income from continuing operations
applicable to common shareholders was $0.41 million or $0.04 per share (basic
and diluted), as compared to a loss from continuing operations applicable to
common shareholders of $0.24 million or $(0.04) per share (basic and diluted)
for the quarter ended June 30, 2004.
During the quarter ended June 30, 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. Revenues
from the discontinued operations for the years ended June 30, 2005 and 2004
were $1.5 million and $2.0 million, respectively. The (loss) income, net of
tax from discontinued operations for the years ended June 30, 2005 and 2004
was $(0.46) million and $0.20 million respectively. The loss from
discontinued operations for the year ended June 30, 2005, included a non-cash
charge of approximately $0.88 million, as goodwill associated with the
discontinued operations was deemed impaired and written off.Fiscal 2005 highlights and achievements include:
* A 24% increase in net sales
* Seven new product announcements
* Launch of the second generation INKlusive(TM) free color printer program
* $1 million in private placement of equity from MicroCapital Fund Ltd.
and MicroCapital Fund LP
* Relocation to larger manufacturing and administrative facilities to
accommodate growth
* A strengthening of the Company’s executive team, including the promotion
of Frances K. Blanco to Vice President of Sales and Marketing and the
appointment of Lawrence L. Anderson to the position of Vice President of
Operations, both bringing longtime industry expertise to these roles
* Formation of the Media Sciences UK Limited subsidiary to further expand
European operations
* Increase in Media Sciences brand penetration through product expansion
and increased sales“In fiscal 2005, Media Sciences delivered robust sales growth, a
strategically expanded product line, and a stronger balance sheet,” commented
Michael W. Levin, President and Chairman of Media Sciences International, Inc.
Looking to the future, Mr. Levin remarked, “The color office supplies
market is growing, and industry analysts like Lyra Research report that the
aftermarket is gaining share. Our company has entered fiscal 2006 in a strong
position to take advantage of an impressive market opportunity. This year, we
will continue to deliver more new products, increase operational efficiencies,
and implement sales and marketing programs designed to foster our leadership
position in the industry and further increase our market penetration.”
For more information on Media Sciences or its 10KSB SEC filing, visit the
investor relations section of the Company’s website at http://www.mediasciences.com.About Media Sciences International, Inc.: 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 30% 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.
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