Mocon (MOCO) 8-K Financial statements and exhibits

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE
February 19, 2003 For More Information Contact
Dane Anderson, CFO/VP
763-493-6370
www.mocon.com

MOCON Announces Sales and Earnings
For Year Ending December 31, 2002

MINNEAPOLIS, MN, February 19, 2003 – MOCON, Inc.(Nasdaq:MOCO) today reported record sales for 2002.

Sales for 2002 were $19,931,000, a 3% increase compared to $19,261,000 for 2001. Net income per share was 41 cents (diluted) for 2002, down 33% compared to 61 cents (diluted) per share in 2001. Fourth quarter 2002 sales were $5,294,000, compared to $5,479,000 for 2001, and net income per share was 10 cents (diluted) for the fourth quarter of 2002 compared to 15 cents (diluted) for the same period in 2001.

“We are pleased to be able to report continued profitability and record annual sales, despite a very difficult economic environment,” commented MOCON Chairman and CEO, Robert L. Demorest. “Although earnings were down from the prior year, 2002 represented our twenty-first consecutive year of profitability, and our twentieth consecutive year of dividend payments. Even after paying dividends during the year in excess of one million dollars, we increased our total cash and short-term marketable securities by over one million dollars, and we remain free of long-term debt.”

Demorest continued, “Although the global economy continues to be uncertain, I am happy to be able to report that we received the largest international order in company history, for approximately $400,000 in permeation instrumentation, just prior to the end of 2002. This equipment has now been delivered in the first quarter of 2003. Looking ahead, despite the geopolitical and economic uncertainties, I feel that we are well positioned for the future, with a top-notch work force, a strong leadership team, and a portfolio of proven products.”

MOCON is a leading provider of instrumentation and consulting and laboratory services to medical, pharmaceutical, food and other industries worldwide. Seewww.mocon.com for more information.

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the above statements regarding the Company being well positioned for the future, and can otherwise be identified by words such as “will,”“may,” “expect,” “believe,” “anticipate,”“estimate,” “continue,” or other similar expressions. There are important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements made in this press release. These factors include, but are not limited to, uncertainties relating to competition and technological change, worldwide economic and political stability, setbacks in product development programs, slower-than-anticipated customer acceptance of new products, dependence on certain key industries, risk associated with the Company’s acquisition strategy and international operations, and other factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2001 and other filings with the Securities and Exchange Commission.

MOCON’s shares are traded on the Nasdaq Stock Market under the symbol MOCO.
MOCON is a registered trademark of MOCON, Inc.

MOCON, INC.
SUMMARY CONSOLIDATED FINANCIAL DATA
(in Thousands, Except Per Share Data)

INCOME STATEMENT DATA:(unaudited)
	Quarter Ended December 31,				Year Ended December 31,
	2002		2001		2002		2001
Sales
Products	$	4,644	$	4,946	$	17,849	$	16,935
Consulting Services		650		533		2,082		2,326
Total Sales		5,294		5,479		19,931		19,261
Cost of Sales
Products		2,130		2,181		8,226		6,515
Consulting Services		304		308		1,073		1,256
Total Cost of Sales		2,434		2,489		9,299		7,771
Gross Profit		2,860		2,990		10,632		11,490
Research and Development Expense		376		284		1,286		1,043
Selling and Administrative Expense		1,685		1,581		6,107		5,814
Operating Income		799		1,125		3,239		4,633
Investment Income		38		98		195		436
Income Before Income Taxes		837		1,223		3,434		5,069
Income Taxes		280		404		1,137		1,648
Net Income	$	557	$	819	$	2,297	$	3,421
Net Income Per Common Share:
Basic	$	0.10	$	0.15	$	0.42	$	0.62
Diluted	$	0.10	$	0.15	$	0.41	$	0.61
Weighted Average Shares:
Basic		5,480		5,468		5,488		5,526
Diluted		5,523		5,614		5,606		5,609

BALANCE SHEET DATA:(unaudited)
	December 31, 2002		December 31, 2001
Assets:
Cash and Marketable Securities	$	5,298	$	4,199
Accounts Receivable, Net		4,003		4,302
Inventories		3,755		3,662
Other Current Assets		589		680
Total Current Assets		13,645		12,843
Marketable Securities, Noncurrent		861		735
Fixed Assets, Net		2,088		2,264
Other Assets, Net		3,227		3,116
Total Assets	$	19,821	$	18,958
Liabilities and Stockholders' Equity:
Total Current Liabilities	$	3,115	$	3,170
Deferred Income Taxes		326		320
Stockholders' Equity		16,380		15,468
Total Liabilities and Stockholders' Equity	$	19,821	$	18,958