O.I. Corporation (NASDAQ: OICO) today announced its results for the
three months ended March 31, 2009.
For the First Quarter Ended March 31, 2009
Revenue decreased to $4,621,000, compared to $7,327,000 for the
same period of the prior year. We had a net loss of $496,000, or
$0.21 per diluted share, for the first quarter of 2009, compared to
net income of $240,000, or $0.09 per diluted share, for the first
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 were significantly impacted by the global economic downturn
during the first quarter of 2009, as our overall sales declined 37%
in comparison to the first quarter of 2008. Sales in our Laboratory
Products segment were most impacted with sales down 42%, while
Air-Monitoring Systems sales declined 22%. Customer quote request
activity was relatively strong, however many of our customers
deferred purchase commitments to conserve cash.
"In response to this slowdown in business activity, during
February we initiated a 10% across the board pay reduction, reduced
travel and entertainment plans, and curtailed other discretionary
expenses. Through these efforts, we reduced our SG&A expense
$322,000, or 14%, during the first quarter of 2009 compared to last
year. However, our R&D expense increased slightly due to costs
incurred in producing prototype, Beta units of our new process TOC
and miniaturized mass spectrometer.
"Because of our lower sales, we generated a net loss of $496,000
in the first quarter of 2009, compared to net income of $240,000 in
2008. To improve our future profitability, in April we reduced
staffing by approximately 20% at our College Station facility,
initiated a reduction in certain employee benefits, and continued
to minimize all disbursements including capital expenditures.
"Although our savings from these efforts will initially be
offset by severance benefits of approximately $100,000, when fully
implemented we anticipate annualized savings of approximately
$2,200,000. We are already seeing improved results, with
preliminary April results indicating positive operating earnings.
With our reduced cost structure, we are optimistic that we can
generate positive operating earnings over the balance of the
year.
"Despite our loss in the first quarter, we remain financially
strong. Our cash and investments at the end of the quarter totaled
$3,751,000, up approximately $300,000 from the beginning of the
year, and we have no borrowings outstanding under our revolving
line of credit. We believe our financial strength and lower cost
structure will enable us to weather this economic decline as we
work to achieve longer term sales growth through our new products
and strategic alliances."
O.I. CORPORATION
FINANCIAL HIGHLIGHTS
(in thousands, except earnings per share amounts)
Three Months Ended
Income Statement Data March 31
2009 2008
----------- ------------
Net revenues $ 4,621 $ 7,327
Income/(Loss) before income taxes $ (740) $ 320
Provision/(Benefit) for income taxes $ (244) $ 80
Net income/(Loss) $ (496) $ 240
Basic earnings/(loss) per share $ (0.21) $ 0.09
Diluted earnings/(loss) per share $ (0.21) $ 0.09
Balance Sheet Data
March 31, December 31,
Assets 2009 2008
----------- ------------
Cash and investments $ 3,751 $ 3,434
Accounts receivable 4,372 6,195
Inventories 5,800 5,754
Other current assets 1,545 1,554
----------- ------------
Total current assets 15,468 16,937
Long-term assets 4,558 4,667
----------- ------------
Total assets $ 20,026 $ 21,604
=========== ============
Liabilities and Stockholders' Equity
Total liabilities 2,652 3,670
Stockholders' equity: 17,374 17,934
----------- ------------
Total liabilities and stockholders' equity $ 20,026 $ 21,604
=========== ============
Second 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 May 29, 2009 to shareholders of record at the close of
business on May 14, 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 worldwide web site at:
http://www.oico.com
Investor Relations: Bruce Lancaster Chief Executive Officer
& Chief Financial Officer 979.690.1711
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