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Media Sciences Previews Fiscal Fourth Quarter Performance
OAKLAND, N.J., — Media Sciences International, Inc. , the leading independent manufacturer of solid ink sticks and color toner cartridges for office color printers, today provided a preview snapshot of its fourth quarter ended June 30, 2006.
Media Sciences will be hosting on Wednesday, September 13, 2006, an earnings conference call to discuss financial and operating results for the Company’s fourth quarter and fiscal year ended June 30, 2006, the details of which will be posted at the company’s website and issued in a future press release.
Financial Preview
Media Sciences expects to again post record sales, earnings, and cash flow for its fiscal fourth quarter ended June 30, 2006. Based on its unaudited results, revenues for the quarter totaled approximately $5.9 million. This represents an increase of approximately 25 percent over the prior year’s quarter and more than a 10 percent sequential increase over the company’s prior fiscal third quarter. Revenues for the fiscal year ended June 30, 2006 totaled approximately $21.3 million, an increase of approximately 19% versus the prior fiscal year. In May 2006, the Company reported record revenues, earnings and cash flow generated by operations for its fiscal third quarter ended March 31, 2006. On revenues of $5.4 million, the company generated net income of $0.5 million and EBITDA of $1.0 million in its fiscal third quarter. For the three months ended March 31, 2006, income from continuing operations was $0.5 million or $0.05 per share basic and $0.04 per share diluted. For the fourth quarter, color toner product revenues increased by approximately 45 percent over the same period in 2005. For the same comparative periods, solid ink product revenues increased by approximately 28 percent. On the faster pace of growth for the Company’s toner-based products, Michael Levin, Media Sciences’ CEO, commented, “Today, Media Sciences manufactures solid ink for use in all currently available solid ink printers. As a result, until a new solid ink printer is brought to market, we have no new solid ink products to develop, other than those in our growing industrial marking space. Conversely, today the Company only offers products for a small fraction of the substantially larger toner-based color laser market. Because our business strategy focuses on alignment of the Company’s development efforts with the broader business color market, our toner sales growth has and, we expect, will continue to outpace our solid ink sales growth for the foreseeable future.” On the quarter’s preview overall, Mr. Levin commented, “Over the past year, Media Sciences has strengthened its product portfolio and its team and infrastructure to continue the Company’s growth at an accelerated pace in fiscal year 2007. We have the talent in house and the foundation in place to leverage and seize the tremendous opportunity that exists in the $7 billion business color printing supplies market, which, according to Lyra Research analysts, is expected to reach $15 billion by 2009. Media Sciences will afford more and more printer users with the opportunity to choose high quality color supplies at a better price, and they will continue to do so with great confidence in the Media Sciences® brand.”
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