MagStar Technologies, Inc. Announces Second Quarter 2007 Results
Published: Aug 10, 2007
Hopkins, MN, Aug. 10 /PRNewswire-FirstCall/ -- (Unaudited) (Unaudited) For the three months ended For the six months ended June 30, June 30, 2007 2006 2007 2006 Net sales $2,707,294 $2,624,353 $4,870,643 $5,521,116 Gross profit 625,481 529,209 1,014,044 1,434,825 Net income $58,219 $118,120 $(127,436) $456,232
The Company's net sales of $2,707,294 for the second quarter ended June 30, 2007 increased by 3% or $82,941 from $2,624,353 for the same period in 2006. The Company's net sales of $4,870,643 for the six months ended June 30, 2007 decreased by 13% or $650,473 from $5,521,116 for the same period in 2006. Sales decreased overall during the six months ended June 30, 2007 compared to the same period in 2006 due to a large decrease in demand by the Company's largest customer. The decrease was offset by an increase in Quickdraw conveyor sales. Gross profit decreased by $420,781 or 29% due to decreased sales in the six months ended June 30, 2007. The gross profit for future quarters is dependent on the volume of sales and the product mix. Net income attributable to common shareholders for the second quarter of 2007 was $40,219 or $0.00 per basic and diluted share, compared to a net income attributable to common shareholders of $100,120 or $0.01 per basic and diluted share for the second quarter of 2006. Net loss attributable to common shareholders for the six months ended June 30, 2007 was $163,436 or ($0.02) per basic and diluted share, compared to a net income attributable to common shareholders of $420,232 or $0.05 per basic and $0.04 per diluted share for the second quarter of 2006.
MagStar Technologies, Inc. ("MagStar" or the "Company") is a publicly owned company headquartered in Hopkins, Minnesota. The Company's stock is quoted on the Over-The-Counter Bulletin Board under the symbol "MGST." MagStar is a manufacturer of conveyors, motion control devices, spindles, and custom servo motors. MagStar's primary product is Quickdraw brand conveyor systems, used in factory and laboratory automation. MagStar also manufactures customized motion control products (custom servo motors and linear slides), disposable based medical centrifuges and devices, and its' other proprietary product, oil centrifuges. Products manufactured by MagStar are used in high tech manufacturing, laboratory and pharmaceutical processes, electronics assembly, surgical procedures, and laboratory processes.
The information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding the Company's capital needs, business strategy and expectations. Any statements that are not of historical fact may be deemed to be forward-looking statements. These forward-looking statements involve substantial risks and uncertainties. Actual events or results may differ materially from the anticipated results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the risks included from time to time in other reports or registration statements filed by the Company with the United States Securities and Exchange Commission. These factors may cause the Company's actual results to differ materially from any forward-looking statements. The Company disclaims any obligation to publicly update these statements, or disclose any difference between actual results and those reflected in these statements.MagStar Technologies, Inc.
CONTACT: Jon Reissner, President and Chief Executive Officer, of MagStarTechnologies, Inc., +1-952-935-6921, firstname.lastname@example.org