EXHIBIT 99.1 NEWS FOR IMMEDIATE RELEASE: AUGUST 6, 2003 MESA LABS REPORTS HIGHER FIRST QUARTER SALES AND EARNINGS LAKEWOOD, CO - Mesa Laboratories, Inc. (NASDAQ:MLAB) today reported higher sales and earnings for the fiscal first quarter ended June 30, 2003. For the first quarter of fiscal 2004, net sales increased ten percent to $2,253,000 from $2,052,000 in the same quarter last year. Net income for the quarter increased 25 percent to $523,000 or $.17 per diluted share compared to $420,000 or $.12 per diluted share one year ago. The change in net income from fiscal 2003 to fiscal 2004 was due chiefly to increased sales in the current quarter. The sales increase during the first quarter of the fiscal year was due to a 38 percent increase in sales of Datatrace logging instruments. This increase was partially off-set by small declines of less than ten percent in Medical and Nusonics instruments. Last year's introduction of the Micropack III Temperature Logger continued to drive the increase in Datatrace instrument sales during the first quarter. Development of three new versions of the Micropack III Logger that will measure other parameter besides temperature is proceeding well and is expected to see introduction later in the fiscal year. Development projects for the company's line of Dialysate Meters for kidney dialysis have recently begun, and we estimate that we will begin to introduce our next generation medical instruments in approximately twelve months. During the first quarter of the fiscal year, the Company repurchased 49,200 shares of our common stock under a previously announced buyback plan, and the Company's cash position increased by $819,000 to $5,580,000. During June of this year, the Board of Directors approved the repurchase of an additional 300,000 shares of the Company's common stock under the same conditions as the previous plan. Mesa Laboratories develops, acquires, manufactures and markets electronic instruments for industrial, pharmaceutical and medical applications. This news release contains forward-looking statements which involve risks and uncertainties. The Company's actual results could differ materially from those in any such forward-looking statements. Additional information concerning important factors that could cause results to differ materially from those in any such forward-looking statement is contained in the Company's Annual Report on Form-10KSB for the year ended March 31, 2003 as filed with the Securities and Exchange Commission, and from time to time in the Company's other reports on file with the Commission. FINANCIAL SUMMARY STATEMENT OF EARNINGS (Unaudited) Quarter Ended June 30 -------------------------- 2003 2002 -------------------------- Net Sales .................. $ 2,253,000 $ 2,052,000 Cost of Goods .............. 806,000 811,000 ----------- ----------- Gross Profit ............... 1,447,000 1,241,000 Operating Expense .......... 653,000 631,000 ----------- ----------- Operating Income ........... 794,000 610,000 Other (Income) & Expense ... (13,000) (14,000) ----------- ----------- Earnings Before Taxes ...... 807,000 624,000 Income Taxes ............... 284,000 204,000 ----------- ----------- Net Income ................. $ 523,000 $ 420,000 =========== =========== Earnings Per Share (Basic) . $ .17 $ .13 =========== =========== Earnings Per Share (Diluted) $ .17 $ .12 =========== =========== Average Shares (Basic) ..... 3,077,000 3,333,000 =========== =========== Average Shares (Diluted ) .. 3,158,000 3,415,000 =========== =========== BALANCE SHEETS (Unaudited) - -------------------------- June 30 March 31 2003 2003 ----------- ----------- Cash and Short-term Investments ........ $ 5,580,000 $ 4,761,000 Other Current Assets ................... 4,332,000 4,843,000 ----------- ----------- Total Current Assets ................... 9,912,000 9,604,000 Property and Equipment ................. 1,324,000 1,348,000 Other Assets ........................... 4,208,000 4,208,000 ----------- ----------- Total Assets ........................... $15,444,000 $15,160,000 =========== =========== Liabilities ............................ $ 753,000 $ 673,000 Stockholders' Equity ................... 14,691,000 14,487,000 ----------- ----------- Total Liabilities and Equity $15,444,000 $15,160,000 =========== =========== CONTACTS: Luke R. Schmieder; President-CEO Steven W. Peterson; VP Finance-CFO Mesa Laboratories, Inc. 303.987.8000
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8-K Filing
Mesa Laboratories (MLAB) 8-KFinancial statements and exhibits
Filed: 6 Aug 03, 12:00am