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Media Sciences Announces Second Quarter Financial
ResultsALLENDALE,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.
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