VOXX steers around second-quarter engine failure

VOXX INTERNATIONAL CORP.
Headquarters: Hauppauge
Industry: Consumer non-durables
Nasdaq: VOXX

Reporting Date: Oct. 10, 2017
Reporting Quarter: 2Q FY2018
Quarter Ended: Aug. 31, 2017

Numbers: Earnings spiked to $17.11 million (71 cents per share), up from $3.02 million (12 cents per share) reported for Q2 FY2017. But net sales dipped 4.1 percent year-over-year, from $118.33 million to $113.47 million, and operating expenses for 2Q FY2018 were reported as $38.7 million, up 11.9 percent from the $34.6 million reported for the same quarter last year.

Notes and Quotes: The $177 million sale of its Germany-based Hirschmann Car Communication division, completed Aug. 31, clearly bolstered the auto-parts giant’s bottom line in what has otherwise been a nip-and-tuck year. Despite second-quarter declines reported by VOXX International’s Automotive, Premium Audio and Consumer Accessories segments, several high-ranking institutional investors and hedge funds have doubled down – including the Manufacturers Life Insurance Company, which acquired some $129,000 in company shares during the second quarter, and the California State Teachers Retirement System, which raised its shares by $291,000. The Hirschmann sale has “strengthened our balance sheet,” says President and CEO Pat Lavelle, enabling VOXX to “pay down the majority of our debt while maintaining a healthy cash position.” – GZ

ENZO BIOCHEM INC.
Headquarters: Farmingdale
Industry: Healthcare
Nasdaq: ENZ

Reporting Date: Sept. 27, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: July 31, 2017

Numbers: Total revenues in 4Q FY2017 were reported as $28.2 million, up 6 percent from the $26.6 million reported in the same quarter last year. Both GAAP and non-GAAP net income were approximately $100,000, compared to a GAAP income of $36.1 million and a non-GAAP net loss of $1.9 million reported for 4Q FY2016 (the company cited prior-period “legal settlements and licensing payments” of roughly $38.8 million). Cash and cash equivalents as of July 31 were around $64.2 million.

Notes and Quotes: Mixed results from its Clinical Labs ($20.4 million in 4Q revenue, up 13 percent year-over-year) and Enzo Life Sciences ($7.5 million in revenue, down 7 percent from 4Q FY2016) divisions tempered fourth-quarter results, though President Barry Weiner noted “tremendous growth … and an auspicious close to a remarkable year of progress and accomplishment.” Full-year revenues, also reported July 31, came to about $107.8 million, up about 5 percent over FY2016’s haul, while Enzo Biochem reported a GAAP and non-GAAP net loss of $2.5 million (about 5 cents per share) for the year. Says Weiner: “Enzo’s technical knowhow and abilities are rapidly coming together … we are aiming for continued growth as we gain market share and further benefit from new and future product developments.” – GZ

COMTECH TELECOMMUNICATIONS CORP.
Headquarters: Melville
Industry: Technology
Nasdaq: CMTL

Reporting Date: Sept. 27, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: July 31, 2017

Numbers: Revenue for the fourth quarter was $147.8 million, down from $152.4 million reported for 4Q FY2016. But quarterly earnings soared to $7.31 million (31 cents per share), up better than 170 percent year-over-over from the $2.7 million (14 cents) reported for the same quarter last year. As of July 31, the company reported $41.8 million in cash and cash equivalents.

Notes and Quotes: The sturdy fourth quarter “solidified a strong finish to what turned out to be a successful year for Comtech,” according to President and CEO Fred Kornberg, who is “extremely optimistic about our growth prospects” after the company’s “busy year.” For FY2017, also ended July 31, the company reported net sales of $550.4 million, up from $411 million reported last year, and GAAP net income of $15.8 million (67 cents per diluted share), besting the GAAP net loss of $7.7 million (-46 cents) reported for FY2016. Comtech credited the sales swing to a “full year of TCS operations,” referring to its $430.8 million acquisition of Maryland-based TeleCommunication Systems Inc. in 2015. – GZ

NAPCO SECURITY TECHNOLOGIES INC.
Headquarters: Amityville
Industry: Consumer durables
Nasdaq: NSSC

Reporting Date: Sept. 5, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: June 30, 2017

Numbers: Net sales for 4Q FY2017 were $25.7 million, up 7 percent from the same quarter last year. Earnings per diluted share for the quarter were 17 cents, off a penny from the 18 cents reported in 4Q FY2016. At the close of its fourth quarter, the company had $3.5 million in cash and cash equivalents, down from the $3.8 million reported in June 2016.

Notes and Quotes: The mixed fourth quarter belies a banner year for the manufacturer of high-tech electronic intrusion security and Internet of Things-connected home, video and fire systems. NAPCO recorded a record $87.4 million in sales over FY2017, up 6 percent over its FY2016 haul, with annual income before taxes increasing 2.5 percent to $6.3 million. President and CEO Richard Soloway credited strong performance in the burgeoning wireless-cellular communicator market and the release of NAPCO’s CA4K Access Control Software Platform. Says Soloway: “As a result of our considerable investment in engineering development and subsequent marketing launches in new product categories, NAPCO has greatly expanded its market potential. We look forward to the future with the confidence that we are well-positioned for exceptional performance in Fiscal Year 2018.” – GZ

1-800 FLOWERS.COM
Headquarters: Carle Place
Industry: Consumer services
Nasdaq: FLWS

Reporting Date: Aug. 24, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: July 2, 2017

Numbers: Total revenues increased 2.2 percent in the fourth quarter, to $239.5 million, up from $234.4 million reported in 4Q FY2016. Net income was $8 million, (12 cents per share), compared to a net loss of $11.1 million (17 cents per share) in the same prior-year period.

Notes and Quotes: Excluding gains from the March sale of its Fannie May Confections brand to Italian chocolatier Ferrero, the granddaddy of online floral sales actually took it on the chin: a $7.2 million quarterly loss, 11 cents per share. But its full-year numbers regained some bloom: Total revenues of $1.19 billion, up 1.8 percent from the $1.17 billion reported in FY2016, with earnings-per-share jumping a dime to 65 cents. CEO Chris McCann referenced “solid revenue growth across all three of our business segments (BloomNet Wire Service, Consumer Floral and Gourmet Foods and Gift Baskets)” and the Ferrero deal, telling investors the strong cash flow, “further bolstered by the more than $100 million we recently received from the sale of the Fannie May business, provides us with significant flexibility to enhance our growth through acquisitions.” – GZ

MISONIX INC.
Headquarters: Farmingdale
Industry: Medical technology
Nasdaq: MSON

Reporting Date: Aug. 22, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: June 30, 2017

Numbers: Net sales up 23 percent, to $7.9 million, over sales reported for the same quarter last year. Domestic sales (up 18 percent over 4Q FY2016) and consumable sales (up 32 percent) both spiked, leading to 23 percent jump in year-over-year fourth-quarter revenues.

Notes and Quotes: A strong finish to a mixed year for the manufacturer of ultrasonic surgical devices. Misonix also reported an increase in annual revenues ($27.3 million, up 18 percent over FY2016) and $3 million-plus boosts in annual domestic and consumable sales. But a $4.4 million increase in annual operating expenses kept the celebration to a minimum, with the company’s net loss actually rising year-over-year from $1.2 million (15 cents per diluted share) to $1.7 million (20 cents) in FY2017. Says President and CEO Stavros Vizirgianakis, who envisions Misonix consumables in 100,000 worldwide surgical procedures by 2020: “We enter the new fiscal year with a strong cash position in excess of $11 million and no long-term debt. We look forward to the opportunities ahead.” – GZ

APPLED DNA SCIENCES INC.
Headquarters: Stony Brook
Industry: Biotechnology
Nasdaq: APDN

Reporting Date: Aug. 10, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: June 30, 2017

Numbers: Total revenues $1.8 million, up 175 percent from the $653,000 reported for 3Q FY2016. Net loss $2.6 million (10 cents per share), down from $3.4 million (14 cents) year-over-year. Adjusted EBITDA negative $1.5 million, compared to adjusted EBITDA of negative $2.5 million same quarter last year.

Notes and Quotes: A seemingly lackluster quarter actually continues the momentum for the provider of DNA-focused authentication and anti-counterfeiting technologies, which continues to diversify its global customer base. Worth noting: The revenue spike, including a 99 percent increase over revenues reported in 2Q FY2017 (ended March 31), was attributed primarily to the company’s textiles vertical, long predicted by company exes to be Applied DNA’s golden goose. “In textiles, we see evidence that our technology platform is gaining momentum,” noted CEO James Hayward. – GZ

PLANET PAYMENT INC.
Headquarters: Long Beach
Industry: Human resources
Nasdaq: PLPM

Reporting Date: Aug. 9, 2017
Reporting Quarter: 2Q FY2017
Quarter Ended: June 30, 2017

Numbers: Total revenue $12.5 million, down from $13.1 million reported for 2Q FY2016. Net income $2 million, up from $1.3 million in the same quarter last year. Adjusted EBITDA $3.4 million, up year-over-year from $2.8 million.

Notes and Quotes: A mixed but largely positive report for the Long Beach provider of international payment, transaction-processing and currency-processing services, which also lowered its net revenue outlook for the year (from as high as $61.5 million to as high as $59 million) but reaffirmed prior guidance on income, adjusted EBITDA and earnings. “Our momentum demonstrates the continued underlying market demand for our multi-currency solutions and the ability of Planet Payment to deliver superior processing solutions to acquirers on a worldwide basis,” noted Chairman and CEO Carl Williams. – GZ

CHEMBIO DIAGNOSTICS INC.
Headquarters: Medford
Industry: Healthcare
Nasdaq: CEMI

Reporting Date: Aug. 9, 2017
Reporting Quarter: 2Q FY2017
Quarter Ended: June 30, 2017

Numbers: Net sales $2.89 million, up 42.2 percent over 2Q FY2016. Total revenues $4.11 million, up 26 percent year-over-year. Quarterly operating loss of $2.18 million, down from $2.39 million in the same quarter last year, and a net loss of $2.17 million (18 cents per diluted share), down from a net loss of $8.35 million (86 cents) a year ago.

Notes and Quotes: After a punishing first quarter, positive steps as the point-of-care diagnostics specialist continues what acting CEO Sharon Klugewicz called Chembio’s “transition strategy,” focused on three key areas: strengthening its core sexually transmitted disease segment, expanding its tropical and fever-disease portfolio and building a global commercial team. – GZ

HENRY SCHEIN INC.
Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC

Reporting Date: Aug. 8, 2017
Reporting Quarter: 2Q FY2017
Quarter Ended: July 1, 2017

Numbers: Net sales $3.1 billion, up 6.5 percent over 2Q FY2016. Net income $136.1 million ($1.71 per diluted share), up 13.3 percent over last year’s quarter. Dental ($1.5 billion in quarterly sales), Animal Health ($891.3 million), Medical ($571.4 million) and Tech/Value-Added ($108.5 million) segments all up year-over-year.

Notes and Quotes: Another stellar quarter for Long Island’s publicly traded workhorse, despite a second-quarter litigation settlement of $5.3 million pretax (about 4 cents per diluted share). “We delivered solid earnings-per-share growth as we continue to implement our strategy of growing the business organically and through acquisitions,” noted CEO Stanley Bergman, lauding the progress in all four of the company’s primary verticals. – GZ