O.I. Corporation (NASDAQ: OICO) today announced its results for the
three months ended June 30, 2009.
For the Second Quarter Ended June 30, 2009
Revenue totaled $4,876,000, compared to $8,044,000 for the same
period of the prior year. Net income totaled $13,000, or $0.01 per
diluted share, for the second quarter of 2009, compared to net
income of $191,000, or $0.07 per diluted share, for the second
quarter of 2008.
OI's executive management team, J. Bruce Lancaster, Chief
Executive Officer and Chief Financial Officer, and Don Segers,
President and Chief Operating Officer, commented:
"We continued to feel the effects of the global economic
downturn during the second quarter as our sales declined 39% in
comparison to last year. Despite continued slow sales during the
quarter, we were pleased to generate a slight overall profit as a
result of the cost savings measures we implemented during the first
and second quarters.
"Second quarter sales in our Laboratory Products segment, though
down in comparison to last year, increased 14% from the first
quarter of this year. We believe economic conditions in this
segment have stabilized and anticipate slight growth over the
balance of the year. To promote growth, we intend to pursue
opportunities domestically in the public sector, including
municipalities and educational institutions, as well as abroad,
particularly in the Asian and Pacific Rim areas.
"Second quarter sales in our Air Monitoring segment declined in
comparison to both last year and the first quarter of 2009.
However, we anticipate that bookings for MINICAMS� products will
increase as we approach the end of the U.S. Government's fiscal
year. In addition, we expect to receive significant orders for
MINICAMS� systems during the second half of 2009 in connection with
projects that are currently underway. We anticipate the bulk of the
shipments for these projects to occur in 2010, though we may begin
to see revenues in the fourth quarter of 2009.
"The staff reduction and other cost cutting measures we
instituted earlier this year significantly lowered our cost
structure. In comparison to the first quarter of 2009, our SG&A
expenses declined 18% and R&D expenses declined 21% during the
second quarter. A number of these reductions occurred during the
quarter, and their impact is not fully reflected in our second
quarter results. In addition, we incurred severance costs of
approximately $100,000 during the second quarter.
"We completed a number of prototype, beta versions of our
innovative new process Total Organic Carbon Analyzer and ion-CCD
based miniaturized mass spectrometer during the second quarter. We
have received interest in these products from various industries,
and a number of the beta units have been placed in field-trial
applications. During the second half of the year, we will
incorporate changes as required from the field tests and expect to
have production-ready commercial models in place by year-end. We
believe that revenues from these new products will help to reduce
our reliance on the current markets we serve and enhance future
growth.
"Our balance sheet remains strong despite the challenges of the
current economy. At the end of the second quarter, we had cash and
investments totaling $3,757,000, an increase of $323,000 from
year-end, and we continue to have no bank debt. We believe that we
are structured to generate positive earnings at our current level
of business and are confident in our ability to produce improved
results as the economy begins to recover and we experience higher
sales of MINICAMS�."
O.I. CORPORATION
FINANCIAL HIGHLIGHTS
(in thousands, except earnings per share amounts)
Three Months Ended Six Months Ended
Income Statement Data June 30 June 30
2009 2008 2009 2008
-------- -------- ------- --------
Net revenues $ 4,876 $ 8,044 $ 9,497 $ 15,371
Income/(Loss) before income taxes $ 13 $ 254 ($ 727) $ 574
Provision/(Benefit) for income taxes $ 0 $ 63 ($ 244) $ 143
Net income/(Loss) $ 13 $ 191 ($ 483) $ 431
Basic earnings/(loss) per share $ 0.01 $ 0.07 ($ 0.21) $ 0.16
Diluted earnings/(loss) per share $ 0.01 $ 0.07 ($ 0.21) $ 0.16
-------- -------- ------- --------
Balance Sheet Data
June 30, December 31,
Assets 2009 2008
------------- -------------
Cash and investments $ 3,757 $ 3,434
Accounts receivable 4,327 6,195
Inventories 5,568 5,754
Other current assets 1,562 1,554
------------- -------------
Total current assets 15,214 16,937
Long-term assets 4,430 4,667
------------- -------------
Total assets $ 19,644 $ 21,604
============= =============
Liabilities and Stockholders' Equity
------------- -------------
Total liabilities 2,324 3,670
Stockholders' equity: 17,320 17,934
------------- -------------
Total liabilities and stockholders' equity $ 19,644 $ 21,604
============= =============
Third Quarter Dividend
The Company also announced today that its Board of Directors
declared a quarterly cash dividend of $0.05 per common share
payable on August 31, 2009, to shareholders of record at the close
of business on August 14, 2009.
Annual Meeting of Shareholders
The Annual Meeting of Shareholders will be held at O.I.
Corporation headquarters in College Station, Texas on Monday,
September 21, 2009, at 11:00 a.m. local time. Proxy solicitation
materials are expected to be mailed to shareholders on or about
August 20, 2009.
About O.I. Corporation:
O.I. Corporation, dba OI Analytical, develops, manufactures,
sells, and services analytical instrumentation that detects,
measures, analyzes, and monitors chemicals in liquids, solids, and
gases. Providing products used to digest, extract, and separate
components of chemical mixtures, the Company designs
application-specific solutions for various industries including
environmental testing, defense, and petrochemical. Headquartered in
College Station, Texas, the Company's products are sold
worldwide.
This press release includes certain statements that may be
deemed to be "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements can sometimes be identified by our use of
forward-looking words such as "may," "will," "anticipate,"
"believe," "expect," "project," or "intend." All statements, other
than statements of historical facts, included in this press release
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future,
are forward-looking statements. These statements are based on
certain assumptions and analyses made by the Company in light of
its experience and its perception of historical trends, current
conditions, expected future developments and other factors it
believes are appropriate in the circumstances. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company. Investors are
cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking
statements.
Copies of our filings with the Securities and Exchange
Commission are available at www.sec.gov and at www.oico.com. Please
refer to "Part 1, Item 1A - Risk Factors" in our annual report on
Form 10-K for the year ended December 31, 2008, for further
discussion regarding our exposure to risks. Additionally, new risk
factors emerge from time to time and it is not possible for us to
predict all such factors, nor to assess the impact such factors
might have on our business or the extent to which any factor or
combination of factors may cause actual results to differ
materially from those contained in any forward looking statements.
Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results.
Visit the Company's web site at: http://www.oico.com
Investor Relations: Bruce Lancaster Chief Executive Officer
& Chief Financial Officer 979.690.1711
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