MOCON Inc. (MOCO, Financial) filed Quarterly Report for the period ended 2010-09-30.
Mocon Inc. has a market cap of $66.3 million; its shares were traded at around $12.7501 with a P/E ratio of 16.6 and P/S ratio of 2.5. The dividend yield of Mocon Inc. stocks is 3%. Mocon Inc. had an annual average earning growth of 3.2% over the past 10 years.
Net income was $1,029,000 in the third quarter 2010, compared to $874,000 in the third quarter 2009. Diluted net income per share was $0.19 and $0.16 in the third quarters of 2010 and 2009, respectively. For the nine months ended September 30, 2010, net income was $3,043,000, or $0.57 per diluted share, compared to net income of $1,788,000, or $0.32 per diluted share in the prior year.
We have historically financed our operations, capital equipment and other cash requirements through our cash flows generated from operations. Total cash, cash equivalents and marketable securities decreased $2,898,000 during the first nine months of 2010 to $11,433,000 as of September 30, 2010, compared to $14,331,000 at December 31, 2009. The primary reason for this decrease was due to the investment of approximately $3,625,000 (2,500,000) to acquire a minority equity ownership interest in Luxcel Biosciences Limited in Ireland. Our working capital as of September 30, 2010 decreased $5,563,000 to $14,054,000 as compared to $19,617,000 at December 31, 2009. This decrease was primarily the result of the investment in Luxcel Biosciences, having a larger portion of our marketable securities classified as long-term, as well as the timing of certain large vendor obligations included in accounts payable at September 30, 2010.
Our primary source of funds is cash provided by operating activities which totaled $3,445,000 and $2,366,000 in the first nine months of 2010 and 2009, respectively. The key components of the cash provided by operating activities in 2010 were the income for the period, and an increase in accounts payable and accrued compensation and related expenses, partially offset by an increase in other receivables, prepaid expenses and inventories. The increase in accounts payable is primarily due to the timing of certain vendor invoices associated with the recent move of our Minneapolis headquarters.
Cash (used in) provided by investing activities totaled ($5,297,000) and $3,693,000 in the first nine months of 2010 and 2009, respectively. The primary reason for cash used in investing activities in 2010 was the investment of approximately $3,625,000 (2,500,000) to acquire a minority equity ownership interest in Luxcel Biosciences Limited in Ireland and capital expenditures of approximately $1,251,000, the majority of which relates to our move to new offices in Minnesota.
Cash used in financing activities totaled $1,193,000 and $5,088,000 in the first nine months of 2010 and 2009, respectively. During the first nine months of 2010 and 2009, we made dividend payments to our shareholders of $1,454,000 and $1,493,000, respectively. Partially offsetting the impact of the dividend payments in 2010 were the proceeds from the exercise of stock options in the amount of $253,000.
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Mocon Inc. has a market cap of $66.3 million; its shares were traded at around $12.7501 with a P/E ratio of 16.6 and P/S ratio of 2.5. The dividend yield of Mocon Inc. stocks is 3%. Mocon Inc. had an annual average earning growth of 3.2% over the past 10 years.
Highlight of Business Operations:
Research and development (R&D) expenses were $521,000, or 6.8% of sales in the third quarter 2010, compared to $470,000, or 7.1% of sales, in the same period of 2009. The current period expense of $521,000 is net of approximately $78,000 received from Luxcel for consulting services. The increase in spending in the current quarter is primarily related to the development of products for the new food safety market.Net income was $1,029,000 in the third quarter 2010, compared to $874,000 in the third quarter 2009. Diluted net income per share was $0.19 and $0.16 in the third quarters of 2010 and 2009, respectively. For the nine months ended September 30, 2010, net income was $3,043,000, or $0.57 per diluted share, compared to net income of $1,788,000, or $0.32 per diluted share in the prior year.
We have historically financed our operations, capital equipment and other cash requirements through our cash flows generated from operations. Total cash, cash equivalents and marketable securities decreased $2,898,000 during the first nine months of 2010 to $11,433,000 as of September 30, 2010, compared to $14,331,000 at December 31, 2009. The primary reason for this decrease was due to the investment of approximately $3,625,000 (2,500,000) to acquire a minority equity ownership interest in Luxcel Biosciences Limited in Ireland. Our working capital as of September 30, 2010 decreased $5,563,000 to $14,054,000 as compared to $19,617,000 at December 31, 2009. This decrease was primarily the result of the investment in Luxcel Biosciences, having a larger portion of our marketable securities classified as long-term, as well as the timing of certain large vendor obligations included in accounts payable at September 30, 2010.
Our primary source of funds is cash provided by operating activities which totaled $3,445,000 and $2,366,000 in the first nine months of 2010 and 2009, respectively. The key components of the cash provided by operating activities in 2010 were the income for the period, and an increase in accounts payable and accrued compensation and related expenses, partially offset by an increase in other receivables, prepaid expenses and inventories. The increase in accounts payable is primarily due to the timing of certain vendor invoices associated with the recent move of our Minneapolis headquarters.
Cash (used in) provided by investing activities totaled ($5,297,000) and $3,693,000 in the first nine months of 2010 and 2009, respectively. The primary reason for cash used in investing activities in 2010 was the investment of approximately $3,625,000 (2,500,000) to acquire a minority equity ownership interest in Luxcel Biosciences Limited in Ireland and capital expenditures of approximately $1,251,000, the majority of which relates to our move to new offices in Minnesota.
Cash used in financing activities totaled $1,193,000 and $5,088,000 in the first nine months of 2010 and 2009, respectively. During the first nine months of 2010 and 2009, we made dividend payments to our shareholders of $1,454,000 and $1,493,000, respectively. Partially offsetting the impact of the dividend payments in 2010 were the proceeds from the exercise of stock options in the amount of $253,000.
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