BEVERLY, MA and TORONTO, ON--(Marketwired - Nov 27, 2013) - Hamilton Thorne Ltd. (
"We are extremely pleased with the progress we have made in 2013. In the third quarter of last year, we strategically repositioned the Company to drive profitability. Over the past year we have substantially cut costs and focused on sales growth in the core fertility and research markets where we have an excellent brand name and strong market penetration. We have now generated four consecutive quarters of year over year sales growth and generated both operating income and positive cash flow from operations in three of the last four quarters," said David Wolf, President and Chief Executive Officer of Hamilton Thorne Ltd. "We are looking forward to continuing these trends with a strong fourth quarter."
Highlights
- Third quarter sales increased to $1.64 million, up 13% over the prior year, led by another strong quarter for its IVOS® II image analysis products supported by steady sales of laser products. For the nine months, sales increased to $5.20 million, up 22% over the prior year.
- Gross profit for the nine months increased by 25%, while operating expenses were reduced 21%, generating operating income of $13,885 and EBITDA of $69,685 for the year to date. Net income (loss) of $7,845 for the quarter and ($127,061) for the year to date were positively impacted by a gain of $61,221 on the extinguishment of indebtedness in Q3.
- Sales of image analysis products for the year are up substantially across human, toxicology and animal breeding markets. Laser sales growth remains strong, particularly in the human clinical market.
- In September the Company and the holders of the $300,000 of outstanding subordinated debentures agreed to extend the maturity date to October 2016 and reduce the interest rate, improving the Company's working capital and strengthening its balance sheet.
| Three and Nine Month Periods Ending September 30 | |||||||||||||||
| Three Months | Nine Months | ||||||||||||||
| Income Statements | 2013 | 2012 | 2013 | 2012 | |||||||||||
| Sales | $ | 1,637,846 | $ | 1,453,524 | $ | 5,206,428 | $ | 4,261,666 | |||||||
| Gross profit | 984,427 | 905,734 | 3,130,266 | 2,504,427 | |||||||||||
| Operating expenses | 969,089 | 1,169,137 | 3,116,381 | 3,931,788 | |||||||||||
| Net income (loss) | 7,845 | (336,825 | ) | (127,061 | ) | (1,656,629 | ) | ||||||||
| EBITDA | 33,938 | (243,303 | ) | 69,685 | (1,367,061 | ) | |||||||||
| Basic and diluted earnings (loss) per share | $ | 0.00 | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.03 | ) | ||||
All amounts are in US dollars, unless specified otherwise, and results, with the exception of EBITDA, are expressed in accordance with the International Financial Reporting Standards ("IFRS").
Financial statements and accompanying Management Discussion and Analysis for the periods are available on www.sedar.com and the Hamilton Thorne website.
About Hamilton Thorne Ltd. (www.hamiltonthorne.com)
Hamilton Thorne designs, manufactures and distributes precision laser devices and advanced image analysis systems for the fertility, stem cell and development biology research markets. It provides novel solutions for Life Science that reduce cost, increase productivity, improve results and enable research breakthroughs in regenerative medicine, stem cell research and fertility markets. Hamilton Thorne's laser products attach to standard inverted microscopes and operate as robotic micro-surgeons, enabling a wide array of scientific applications and IVF procedures. Its image analysis systems improve outcomes in human IVF clinics and animal breeding facilities and provide high-end toxicology analyses.
Hamilton Thorne's growing customer base includes pharmaceutical companies, biotechnology companies, fertility clinics, university research centers, and other commercial and academic research establishments worldwide. Current customers include world-leading research labs such as Harvard, MIT, Yale, McGill, DuPont, Monsanto, Charles River Labs, Jackson Labs, Merck, Novartis, Pfizer, and Oxford and Cambridge.
Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.
The Company has included earnings before interest, income taxes, depreciation and amortization, certain non-recurring expenses and certain other non-cash amounts ("EBITDA") as a non-IFRS measure, which is used by management as a measure of financial performance. See section entitled "Non-IFRS Measures" in the Company's Management Discussion and Analysis for the periods covered for further information.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including the risk that the Company may not be able to obtain the necessary regulatory approvals, as applicable. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com
Contact Information:
For more information, please contact:
David Wolf
President & CEO
Hamilton Thorne Ltd.
978-921-2050
Michael Bruns
CFO
Hamilton Thorne Ltd.
978-921-2050