From the Wires
Inrad Optics, Inc. Announces Third Quarter And Nine Month 2012 Financial Results
By: PR Newswire
Nov. 19, 2012 12:16 PM
NORTHVALE, N.J., Nov. 19, 2012 /PRNewswire/ -- Inrad Optics, Inc. (OTCQB: INRD) has reported its consolidated financial results for its third quarter and nine months ended September 30, 2012.
For the third quarter of 2012, revenue was $2.9 million, down 12.8%, compared to $3.3 million for the comparable period last year. Revenue for the nine months ended September 30, 2012 was $8.6 million, down 11.9% from $9.8 million in the same period last year
For the third quarter and nine months ended September 30, 2012 new orders totaled $2.7 million and $9 million, respectively. This compares to $4 million and $10.2 million for the three and nine months ended September 30, 2011, respectively. Continued softness in defense and specific segments of the semiconductor industry was only partially offset by orders from new customers in other market segments.
Gross profit for the third quarter of 2012 was $616,000 or 21.2% of sales, down from $908,000 or 27.3% in the comparable quarter last year. For the nine months ended September 30, 2012, gross profit decreased to $1.9 million or 22.3% of sales compared to $2.6 million or 26.2% last year. The decrease is mainly due to the impact of lower sales combined with the Company's relatively fixed overhead cost structure.
The Company had a net loss of $(280,000) for the third quarter of 2012 compared to net income of $84,000 in the same period in 2011. For the nine months ended September 30, 2012, the net loss was $(762,000), down from a net income of $23,000 last year. Net loss per share was $(0.02), basic and diluted, for the three months ended September 30, 2012 compared to net income per share of $0.01, basic and diluted last year. For the nine months ended September 30, 2012, the basic and diluted net loss per share was $(0.06). In the comparable period last year, the Company had net income per share, basic and diluted of $0.00.
Net cash used in operating activities was $111,000 for the nine months ended September 30, 2012 versus net cash used in operating activities of $47,000 last year. The difference primarily reflects the impact of the net loss in the current period offset by the payment of $900,000 of accrued interest on convertible notes during the nine months ended September 30, 2011.
After investing and financing activities, net cash decreased by $153,000 compared to a decrease of $578,000 last year. At September 30, 2012, the Company had cash and cash equivalents of $3.2 million.
Newly appointed President and CEO Amy Eskilson commented, "Inrad Optics continues to face head on the challenges presented by decreasing demand from our legacy defense and semi-conductor customers. We are actively addressing these challenges by broadening both our customer base and our manufacturing capabilities in all three product areas of the business. We are executing on an initiative to optimize our production processes and better leverage the extraordinary technical expertise resident in the organization. Additionally, our strategic investment in state of the art thin film coating capability for large optics, due online in Q1 2013, will provide us with new pathways to revenue and profitability."
Inrad Optics, Inc. (formerly Photonic Products Group, Inc.) was incorporated in New Jersey in 1973. In January 2012, the Company's Board of Directors and shareholders approved the name change to Inrad Optics, Inc. The Company develops, manufactures and markets products and services for use in photonics industry sectors via three distinct but complimentary product areas - "Crystals and Devices", "Custom Optics" and "Metal Optics."
The Company is a vertically integrated organization specializing in crystal-based optical components and devices, custom optical components from both glass and metal, and precision optical and opto-mechanical assemblies. Manufacturing capabilities include solution and high temperature crystal growth, extensive optical fabrication capabilities, including precision diamond turning and the ability to handle large substrates, optical coatings and in-process metrology expertise. Inrad Optics' customers include leading corporations in the defense, aerospace, laser systems, process control and metrology sectors of the photonics industry, as well as the U.S. Government, National Laboratories and Universities worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These statements may be identified by their use of forward-looking terminology such as "believes", "expects", "should", "will", "plan", "anticipate", "probably", "targeting" or similar words. Such forward-looking statements, such as our expectation for revenues, new orders, and improved results involve risks and uncertainties that could cause actual results to differ materially from those projected. Risks and uncertainties that could cause actual results to differ materially from such forward looking statements are, but are not limited to, uncertainties in market demand for the company's products or the products of its customers, future actions by competitors, inability to deliver product on time, inability to develop new business, inability to retain key employees or hire new employees, and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission including our Annual Report on Form 10-K for the year ended December 31, 2011. The forward looking statements made in this news release are made as of the date hereof and Inrad Optics, Inc. does not assume any obligation to update publicly any forward looking statement.
SOURCE Inrad Optics, Inc.
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