x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

MISONIX, INC.

(Exact name of registrant as specified in its charter)

New York		11-2148932
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

 

1938 New Highway, Farmingdale, NY		11735
(Address of principal executive offices)		(Zip Code)

 

 

 

		Outstanding at
Class of Common Stock		May 2, 2005
Common Stock, $.01 par value			6,824,952

 

 

Part I - FINANCIAL INFORMATION				Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets as of March 31, 2005 (Unaudited) and June 30, 2004			3
	Consolidated Statements of Income Nine months ended March 31, 2005 and 2004 (Unaudited)			4
	Consolidated Statements of Income Three months ended March 31, 2005 and 2004 (Unaudited)			5
	Consolidated Statements of Cash Flows Nine months ended March 31, 2005 and 2004 (Unaudited)			6
	Notes to Consolidated Financial Statements			8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations			13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk			25
Item 4.	Controls and Procedures			25
Part II - OTHER INFORMATION
Item 4.	Submission of Matters to a Vote of Security Holders			26
Item 6.	Exhibits			26
Signatures				27

 

 

 

 

 

 

		March 31,			June 30,
		2005			2004
Assets		(Unaudited)
Current assets:
Cash and cash equivalents		$	3,060,824		$	4,839,866
Accounts receivable, less allowance for doubtful accounts of $395,347 and $457,016, respectively			8,183,124			7,601,693
Inventories			12,675,576			10,944,572
Deferred income taxes			668,572			645,381
Prepaid expenses and other current assets			1,534,624			1,114,546
Total current assets			26,122,720			25,146,058
Property, plant and equipment, net			4,216,125			3,892,920
Deferred income taxes			379,136			412,201
Goodwill			4,473,713			4,473,713
Other assets			406,374			316,220
Total assets		$	35,598,068		$	34,241,112
Liabilities and stockholders’ equity
Current liabilities:
Revolving credit facilities		$	1,470,615		$	1,373,681
Accounts payable			4,946,209			4,507,476
Accrued expenses and other current liabilities			1,565,118			1,857,097
Income taxes payable			72,166			107,282
Current maturities of long-term debt and capital lease obligations			365,575			302,932
Total current liabilities			8,419,683			8,148,468
Long-term debt and capital lease obligations			1,366,585			1,264,480
Deferred income			633,449			769,033
Minority interest			372,284			315,955
Stockholders’ equity:
Common stock, $.01 par value—shares authorized 10,000,000; 6,902,752 and 6,816,253 issued and 6,824,952 and 6,738,453 outstanding, respectively			69,028			68,163
Additional paid-in capital			23,464,854			23,116,602
Retained earnings			1,263,425			665,461
Treasury stock, 77,800 shares			(412,424	)		(412,424	)
Accumulated other comprehensive income			421,184			305,374
Total stockholders’ equity			24,806,067			23,743,176
Total liabilities and stockholders’ equity		$	35,598,068		$	34,241,112

 

 

 

		For the nine months ended
		March 31
		2005			2004
Net sales		$	32,016,885		$	28,262,256
Cost of goods sold			18,610,337			16,164,154
Gross profit			13,406,548			12,098,102
Operating expenses:
Selling expenses			4,407,551			3,282,312
General and administrative expenses			6,026,911			5,703,640
Research and development expenses			2,540,070			1,717,878
Total operating expenses			12,974,532			10,703,830
Income from operations			432,016			1,394,272
Other income (expense):
Interest income			45,194			39,278
Interest expense			(165,457	)		(119,972	)
Option/license fees			19,155			19,815
Royalty income			669,856			1,036,485
Foreign exchange loss			(19,744	)		(16,562	)
Loss on impairment of Hearing Innovations, Inc.			¾			(198,800	)
Total other income			549,004			760,244
Income before minority interest and income taxes			981,020			2,154,516
Minority interest in net income of consolidated subsidiary			56,329			35,941
Income before income taxes			924,691