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8/9/2007
Measurement Specialties Announces Fiscal 2008 First Quarter Results
Mark Thomson, CFO
(757) 766-4224
Boutcher & Boutcher Investor Relations
Aimee Boutcher or Daniel Boutcher
(973) 239-2878
Income from continuing operations increases 53% to $0.26 per share on 16% growth in sales
Hampton, VA, August 8, 2007 – Measurement Specialties, Inc. (NASDAQ: MEAS), a designer and manufacturer of sensors and sensor-based systems, announced results for the first fiscal quarter of 2008, ended June 30, 2007. Unless otherwise stated, fiscal 2007 and 2008 results reflect continuing operations only.
The Company reported an increase in consolidated net sales of $7.2 million or 16% to $53.2 million for the three months ended June 30, 2007, as compared to the same period last year. For the three months ended June 30, 2007, the Company reported income from continuing operations of $3.7 million, or $0.26 per diluted share, as compared to $0.17 per diluted share for the same period last year.
Frank Guidone, Company CEO commented, “Solid top line growth and stable operating performance, combined with reductions in amortization and interest expense, helped boost earnings 53% over last year. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, adjusted for option expense) increased 18.5% to $9.2 million as compared to the same period last year.
Guidone continued, “We expect second quarter sales to exceed $55 million – a record for the company – although less favorable mix as compared to the first quarter will adversely impact gross margins. For the second quarter, we are forecasting EPS in the range of $0.26 to $0.29 and maintain our fiscal year 2008 revenue guidance of $225 million and EPS of $1.25.”
Please refer to the notes and reconciliation regarding Non-GAAP financial measures contained in this release.
On August 8, 2007, the Company filed its Form 10-Q for the fiscal quarter ended June 30, 2007. Please refer to the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Form 10-Q filed for a more complete discussion of sales, margin and expenses.
The Company will host an investor conference call on Thursday, August 9, 2007 at 11:00 AM EDT to answer questions regarding the first quarter results reported in our Form 10-Q for the quarter ended June 30, 2007. US dialers: (800) 288-8967; International dialers (612) 332-0923. Interested parties may also listen via the Internet at: InvestorCalendar.com. The call will be available for replay for 30 days through AT&T by dialing (800) 475-6701 (US dialers); (320) 365-3844 (International dialers), and entering access code 881919, and on InvestorCalendar.com
About Measurement Specialties. Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies – including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezoelectric polymers and strain gauges – to engineer sensors that operate precisely and cost effectively.
This release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases “should”, "intends", “ is subject to”, "expects", "will", "continue", "anticipate", "estimated", "projected", "may", "we believe", "future prospects", or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company from time-to-time considers acquiring or disposing of business or product lines. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue.
Company Contact: Mark Thomson, CFO, (757) 766-4224
Investor Contact: Aimee Boutcher or Daniel Boutcher, (973) 239-2878
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