MELVILLE, N.Y.--(BUSINESS WIRE)--Bovie Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced its financial results for the third quarter and nine months ended September 30, 2011.
Revenues for the quarter ended September 30, 2011 were $6.3 million versus $6.5 million for the comparable period last year, resulting in net income of $63,000 or $.00 per diluted share compared to net income of $9,000 or $.00 per share in the same period last year. The third quarter sales decrease was due to a reduction in electrosurgical orders to one of our OEM customers. The decrease in sales was partially offset by sales of a new medical lighting product line.
Revenues for the nine months ended September 30, 2011 increased 7% to $19.3 million versus $18.0 million for the comparable period last year. Net income was $984,000 or $.06 per diluted share compared to a net loss of $(166,000) or $(.01) per share in the same period last year.
J. Robert Saron, President and Chief Sales and Marketing officer, stated, “As we approach year-end, we are witnessing meaningful growth in several areas including government sales and our new line of lighting, as well as gaining positive traction in the veterinary market. In addition, International sales are continuing to trend upward. Bovie will be exhibiting at Medica the world’s largest medical meeting in Dusseldorf, Germany this week. We have also contracted for Arab Health in Dubai for January 2012, the largest medical trade show in the Middle East.”
Mr. Saron added, “We anticipate strong revenue growth in first quarter 2012 resulting in part from a large previously announced OEM order.”
The Company also reported continued progress on the J-Plasma™ FDA 510k application. Five beta sites have been identified for the initial introduction of the J-Plasma™ product line after FDA clearance to market has been granted.
At the close of the third quarter the Company’s cash position stood at $5.4 million with the only long term debt a recently reissued industrial revenue bond, which had an unpaid principal amount outstanding of $3,560,000 as of the closing, which was purchased by PNC Bank, N.A. The obligations represented by the Bonds are secured by a first mortgage and security interest on the Company’s Clearwater, Florida facility and mature October 31, 2018.
Cautionary Note on Forward-Looking Statements
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10-K for the year ended December 31, 2010. For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemedical.com.
BOVIE MEDICAL CORPORATION
CONDENSED STATEMENTS OF
OPERATIONS
FOR THE THREE AND NINE-MONTH ENDED SEPTEMBER 30,
2011 AND 2010
(Unaudited) (In thousands)
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Sales | $6,256 | $6,501 | $19,252 | $17,997 | ||||||||||||
| Cost of sales | $3,650 | $3,797 | $11,167 | $10,692 | ||||||||||||
| Gross profit | $2,606 | $2,704 | $8,085 | $7,305 | ||||||||||||
| Gain from settling of litigation | -- | -- | $750 | -- | ||||||||||||
| Total costs & expenses | $2,358 | $2,819 | $7,452 | $8,543 | ||||||||||||
| Income (loss) from operations | $248 |
$(115) |
$1,383 | $(1,238) | ||||||||||||
| Change in fair value of liabilities, net | $(67) | 182 | $181 | $799 | ||||||||||||
| Interest (expense) income, net | $(42) | $(58) | $(141) | $(169) | ||||||||||||
| Income (loss) before income taxes | $139 | $9 | $1,423 | $(608) | ||||||||||||
| Benefit (provision) for deferred income taxes | $(76) | $(5) | ($439) | $442 | ||||||||||||
| Net Income (loss) | $63 | $4 | $984 | $(166) | ||||||||||||
| EPS (loss) Basic | -- | -- | 0.06 | (0.01) | ||||||||||||
| EPS (loss) Diluted | -- | -- | 0.06 | (0.01) | ||||||||||||
| Weighted average number of shares outstanding | 17,601 | 17,557 | 17,592 | 17,301 | ||||||||||||
| Weighted average number of shares outstanding adjusted for dilutive securities | 17,774 | 17,756 | 17,807 | 17,301 | ||||||||||||