MOCON Inc. (MOCO, Financial) filed Quarterly Report for the period ended 2009-03-31.
Mocon Inc. is a leading provider of systems and services designed to assess materials and processes. The company develops manufactures and markets high technology instrumentation and performs consulting and analytical services. Mocon markets to research laboratories manufacturers and Quality Control departments in the life sciences pharmaceutical drug discovery food and beverage polymer and adhesive and the electronic and semiconductor industries among others. (PRESS RELEASE) MOCON Inc. has a market cap of $50.3 million; its shares were traded at around $9.0001 with a P/E ratio of 14.2 and P/S ratio of 1.7. The dividend yield of MOCON Inc. stocks is 4%. MOCON Inc. had an annual average earning growth of 14.7% over the past 5 years.
Net Income Net income was $399,000 in the first quarter 2009, compared to $886,000 in the first quarter 2008. Diluted net income per share was $0.07 and $0.16 in the first quarters of 2009 and 2008, respectively.
We have historically financed our operations, capital expenditures and other liquidity needs through our cash flows generated from operations. Total cash, cash equivalents and marketable securities decreased $914,000 during the first three months of 2009 to $15,195,000 as of March 31, 2009, compared to $16,109,000 at December 31, 2008. Our working capital as of March 31, 2009 increased $994,000 to $18,887,000, as compared to $17,893,000 at December 31, 2008. This increase was primarily due to lower accrued compensation and accounts payable balances and marketable security maturities, offset somewhat by a decrease in accounts receivable. Our investment in marketable securities consists primarily of municipal bonds, certificates of deposits and U.S. treasury obligations. We do not currently have any funds invested in auction rate certificates. We believe that a combination of our existing cash, cash equivalents and marketable securities, plus an expected continuation of cash flow from operations, will continue to be adequate to fund our operations, capital expenditures, dividend payments and authorized stock repurchases for at least the next twelve months. Purchases of property and equipment were relatively constant between the two periods mentioned above, and we had no material commitments for capital expenditures as of March 31, 2009.
Cash Flow from Investing Activities Cash provided by (used in) investing activities totaled $1,070,000 and ($558,000) in the first three months of 2009 and 2008, respectively. The primary reasons for cash provided by investing activities in 2009 were net proceeds from maturities of marketable securities of $1,242,000, offset somewhat by purchases of property and equipment. We presently do not believe that any significant property, plant and equipment expenditures are required to accommodate our current level of operations.
Cash used in financing activities totaled $522,000 and $330,000 in the first three months of 2009 and 2008, respectively. During the first three months of 2009 and 2008, we made dividend payments to our shareholders of $503,000 and $442,000, respectively. Partially offsetting the impact of the dividend payment in 2008 were the proceeds from the exercise of stock options in the amount of $106,000.
Our Board of Directors has authorized, depending upon market conditions and other factors, the repurchase of up to a total of $2,000,000 of our common stock. As of March 31, 2009, we had repurchased an aggregate of 51,532 shares of MOCON common stock under the program at a total cumulative cost of $441,000, leaving $1,559,000 remaining in this authorization at that date. During the first three months of 2009 we repurchased 2,620 shares at a total cost of $19,000.
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Mocon Inc. is a leading provider of systems and services designed to assess materials and processes. The company develops manufactures and markets high technology instrumentation and performs consulting and analytical services. Mocon markets to research laboratories manufacturers and Quality Control departments in the life sciences pharmaceutical drug discovery food and beverage polymer and adhesive and the electronic and semiconductor industries among others. (PRESS RELEASE) MOCON Inc. has a market cap of $50.3 million; its shares were traded at around $9.0001 with a P/E ratio of 14.2 and P/S ratio of 1.7. The dividend yield of MOCON Inc. stocks is 4%. MOCON Inc. had an annual average earning growth of 14.7% over the past 5 years.
Highlight of Business Operations:
Other Income Other income for the first quarter ended March 31, 2009 of $109,000 consisted of interest income of $118,000, partially offset by a loss of $9,000 on foreign currency exchange and other insignificant expenses. Other income for the first quarter ended March 31, 2008 of $132,000 consisted of interest income of $139,000, partially offset by a loss of $7,000 on foreign currency exchange and other insignificant expenses. Interest income decreased for the first quarter ended March 31, 2009, compared to the same period in 2008, due to lower average yields on slightly higher average interest bearing investments.Net Income Net income was $399,000 in the first quarter 2009, compared to $886,000 in the first quarter 2008. Diluted net income per share was $0.07 and $0.16 in the first quarters of 2009 and 2008, respectively.
We have historically financed our operations, capital expenditures and other liquidity needs through our cash flows generated from operations. Total cash, cash equivalents and marketable securities decreased $914,000 during the first three months of 2009 to $15,195,000 as of March 31, 2009, compared to $16,109,000 at December 31, 2008. Our working capital as of March 31, 2009 increased $994,000 to $18,887,000, as compared to $17,893,000 at December 31, 2008. This increase was primarily due to lower accrued compensation and accounts payable balances and marketable security maturities, offset somewhat by a decrease in accounts receivable. Our investment in marketable securities consists primarily of municipal bonds, certificates of deposits and U.S. treasury obligations. We do not currently have any funds invested in auction rate certificates. We believe that a combination of our existing cash, cash equivalents and marketable securities, plus an expected continuation of cash flow from operations, will continue to be adequate to fund our operations, capital expenditures, dividend payments and authorized stock repurchases for at least the next twelve months. Purchases of property and equipment were relatively constant between the two periods mentioned above, and we had no material commitments for capital expenditures as of March 31, 2009.
Cash Flow from Investing Activities Cash provided by (used in) investing activities totaled $1,070,000 and ($558,000) in the first three months of 2009 and 2008, respectively. The primary reasons for cash provided by investing activities in 2009 were net proceeds from maturities of marketable securities of $1,242,000, offset somewhat by purchases of property and equipment. We presently do not believe that any significant property, plant and equipment expenditures are required to accommodate our current level of operations.
Cash used in financing activities totaled $522,000 and $330,000 in the first three months of 2009 and 2008, respectively. During the first three months of 2009 and 2008, we made dividend payments to our shareholders of $503,000 and $442,000, respectively. Partially offsetting the impact of the dividend payment in 2008 were the proceeds from the exercise of stock options in the amount of $106,000.
Our Board of Directors has authorized, depending upon market conditions and other factors, the repurchase of up to a total of $2,000,000 of our common stock. As of March 31, 2009, we had repurchased an aggregate of 51,532 shares of MOCON common stock under the program at a total cumulative cost of $441,000, leaving $1,559,000 remaining in this authorization at that date. During the first three months of 2009 we repurchased 2,620 shares at a total cost of $19,000.
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