Wireless, IoT investments help Napco to record 3Q

Recurring theme: Rising recurring revenues are one of the cornerstones of Napco Security Technologies' winning fiscal blueprint.

 

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

Reporting Date: May 7, 2018
Reporting Quarter: 3Q FY2018
Quarter Ended: March 31, 2018

Numbers: Reported net sales for the third quarter increased to $22.2 million, up roughly 7 percent from the $20.8 million reported for the same quarter last year. Net income for the quarter was reported as $1.82 million – a hefty 92 percent increase from the $952,000 reported for 3Q FY2017 – and quarterly diluted earnings-per-share doubled year-over-year, to 10 cents.

Notes and Quotes: With another record sales quarter and strong nine-month gains (net sales up 5 percent year-over-year to $64.5 million, net income up 66 percent to $3.9 million), Chairman and President Richard Soloway may have undersold it when he told investors Napco’s strategic growth plans “are developing well.” Recurring-service revenues – which Soloway singled out as a specifically strong contributor to the Amityville high-tech manufacturer’s robust bottom line – increased 49 percent in the quarter, one of several reasons the head honcho is feeling confident. Says Soloway: “Our [third-quarter] performance reflects that our focus on expanding our stable of [recurring monthly service revenue]-generating product entries is working well. Also, the investments we have made and continue to make in launching new products targeted at the school security, wireless access control-locking, wireless alarm communicator and burgeoning IoT markets have positioned us well for sustainable future sales growth.” – GZ

 

VEECO INSTRUMENTS INC.

Headquarters: Oyster Bay
Industry: Technology
Nasdaq: VECO

Reporting Date: May 7, 2018
Reporting Quarter: 1Q FY2018
Quarter Ended: March 31, 2018

Numbers: Reported first-quarter revenue was $158.6 million, up 67.8 percent from the $94.5 million reported for the same quarter last fiscal year. Operating income (up 135 percent, to $11.3 million) and net income (up 119 percent, to $9.2 million) both rose sharply, as did diluted earnings per share (20 cents, up 81.8 percent from the 11 cents reported for 1Q FY2017).

Notes and Quotes: The new fiscal year is “off to a great start,” understated Chairman and CEO John Peeler, who has every right to be a little giddy about “strong sequential and year-over-year revenue growth” that helped the Oyster Bay equipment-solutions manufacturer easily best guided ranges on income, earnings-per-share and other key metrics. The CEO particularly trumpeted growth in Veeco Instruments’ Radio Frequency Filter and Front-End Semi/Advanced Packaging units, among others, and said the integration of its California-based Ultratech operation (acquired in 2017) was “proceeding well.” While the company has set another modest outlook for its second quarter, it’s definitely poised to grow, according to Peeler, who told investors, “We remain encouraged with Veeco’s growth prospects ahead.” – GZ

 

MISONIX INC.

Headquarters: Farmingdale
Industry: Medical technology
Nasdaq: MSON

Reporting Date: May 7, 2017
Reporting Quarter: 3Q FY2018
Quarter Ended: March 31, 2018

Numbers: Revenues for the third quarter were reported as $12.4 million, a sharp 72.2 percent increase from the $7.2 million reported for 3Q FY2017. Quarterly operating income and net income were both reported as $2.2 million, turning around operating and net losses ($1.5 million and $100,000, respectively) reported for the same quarter last fiscal year.

Notes and Quotes: With another strong sales quarter, the Farmingdale med-tech maker continues its revenues hot streak (up 44 percent, to $28 million, over the first nine months of last fiscal year). Pushing those operating and net income numbers into the black is especially promising – though Misonix still posted a nine-month net loss of $5.8 million, much worse than the $1.7 million it reportedly lost over the first three quarters of FY2018. Trumpeting “record third-quarter revenue” and “continued revenue growth across domestic and international markets,” President and CEO Stavros Vizirgianakis said Misonix is “excited about the opportunities to enhance shareholder value by expanding our scale, growth and profitability” and “remain(s) confident in our ability to end fiscal 2018 with double-digit, top-line growth – and to continue that growth trend into fiscal 2019.” – GZ

 

HENRY SCHEIN INC.

Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC

Reporting Date: May 8, 2018
Reporting Quarter: 1Q FY2018
Quarter Ended: March 31, 2018 

Numbers: Net first-quarter sales were reported as $3.22 billion, up 10.2 percent from the $2.92 billion reported for the first quarter of last fiscal year. The company’s reported quarterly income dipped ever so slightly – dropping just 0.4 percent, to $140.2 million, from the $150.2 million reported for 1Q FY2017 – though earnings increased 3.4 percent year-over-year, from 88 cents to 91 cents per diluted share.

Notes and Quotes: All four of the Melville-based global distributor’s business units reported year-over-year quarterly gains, with Dental sales increasing to $1.5 billion (up 10.2 percent), Animal Health sales passing $919.8 million (up 13.1 percent), Medical sales improving to $640.4 million (up 6.9 percent) and Technology and Value-Added sales eclipsing $112.4 million (up 6.1 percent). As for the slight decline in quarterly income, the blip hardly dampened the enthusiasm of an “exciting time at Henry Schein, as we continue to evolve our business strategy to ensure we are well-positioned to pursue the significant growth opportunities ahead of us,” according to CEO Stanley Bergman. “With a sharper focus on our market-leading dental and medical businesses, as well as newly available resources to invest in our business, we believe Henry Schein will be poised for continued growth and leadership over the long term,” Bergman said Tuesday.  – GZ

 

APPLED DNA Sciences

Headquarters: Stony Brook
Industry: Biotechnology
Nasdaq: APDN

Reporting Date: May 3, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: March 31, 2018

Numbers: Second-quarter revenues were reported as $1.0 million, up 15 percent from the $905,000 reported for the same quarter last fiscal year. Net loss for the quarter was reported as $2.1 million (7 cents per share), a 38.2 percent improvement from the $3.4 million loss reported for 2Q FY2017.

Notes and Quotes: Applied DNA, which also reported a healthy 61 percent revenue increase over its prior quarter (ended Dec. 31, 2017), attributed the gains to a government contract award and “an increase in feasibility pilots in (the) leather and cannabis industries,” according to the Stony Brook-based biotech. Unfortunately, the increases were offset by declines in the supply-chain specialist’s cotton/textile revenues, long promoted as a key vertical for the company’s DNA-based molecular-tracking tech. The underperforming vertical also dampened Applied DNA’s six-month revenue report (down 6 percent from the first six months of FY2017) – but couldn’t ruin the enthusiasm of “the largest non-textile/non-governmental deal flow in the company’s history,” according to President and CEO James Hayward. “Our fiscal second quarter performance reflects our continuing ability to monetize our molecular-taggant technology platform to drive top-line growth while also progressing nascent opportunities that offer a path to greater annual recurring revenues,” Hayward told investors. – GZ

 

FALCONSTOR SOFTWARE INC.

Headquarters: Austin, Texas
Industry: Software
OTC: FALC

Reporting Date: March 22, 2018
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 31, 2017

Numbers: Total revenues for the three months ended Dec. 31, 2017, were reported as $6.3 million, a 14.8 percent decrease from the $7.4 million reported for the same quarter last fiscal year. Net GAAP operating income was reported as $1.4 million, turning around a $1.2 million loss reported for 4Q FY2016.

Notes and Quotes: As it transitions its operations to its new Lone Star State headquarters, Falconstor is maintaining its longtime Melville office (and “actively seeking to sublet a significant portion of its Melville office space,” according to a company statement). Meanwhile, the software maker is celebrating a 2017 fiscal year in which GAAP net operating income was reported as $1 million, washing away the bad taste of a FY2016 in which Falconstor recorded a net operating loss of $10.3 million. Trumpeting the first annual profit since 2008 and the company’s ongoing restructuring plan, CEO Todd Brooks said the strong fourth quarter “further demonstrates the stability our strategic restructuring is creating.” However, with the company’s cash position “continuing to deteriorate,” Falconstor did complete a previously announced $3 million loan transaction in February, an infusion that will “facilitate the ability of the company to continue its operations and implement its turn-around strategy,” Brooks told investors. – GZ

 

LIFETIME BRANDS INC.

Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT

Reporting Date: March 15, 2018
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 31, 2017

Numbers: Fourth-quarter net sales were reported as $182.8 million, down 5.6 percent from the $193.5 million reported for the same quarter last fiscal year. Net income was reported as $1.3 million (8 cents per diluted share), a 91-percent plunge from the $14.7 million ($1 per share) reported for 4Q FY2016.

Notes and Quotes: Executive Chairman Jeffrey Seigel, who referenced “a challenging period for Lifetime” after a rough third quarter, sounded slightly more deflated after the Garden City-based home-goods distributor’s miserable fourth, telling investors, “Our fourth-quarter operating results were disappointing, resulting in a full-year 2017 performance that was below our expectations.” For the fiscal year, net sales fell 2.2 percent to $579.5 million and net income plummeted to $2.2 million (14 cents per diluted share), down nearly 86 percent from the $15.7 million ($1.08 per share) recorded in FY2016. Seigel, the former CEO, noted the fourth-quarter shortfall was “directly attributable to sales declines at two key retailers” and said changes in Lifetime Brands’ UK operations, along with benefits from the “quite favorable” Tax Cuts and Jobs Act, would lead to “significantly improved results for 2018.” – GZ

 

CHEMBIO DIAGNOSTIC SYSTEMS INC.

Headquarters: Medford
Industry: Healthcare
Nasdaq: CEMI

Reporting Date: March 8, 2018
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 31, 2017

Numbers: Total revenues for the fourth quarter were reported as $6 million, up 40.7 percent from the revenues reported for 4Q FY2016. Net quarterly sales were reported as $4.9 million, up 50.9 percent from the same prior-year quarter. Net loss for the fourth quarter was recorded as $2 million (16 cents per diluted share), a 23 percent improvement compared to the net loss of $2.6 million (21 cents per diluted share) recorded for the same quarter last fiscal year.

Notes & Quotes: With total revenues ($24 million, up better than 34 percent) and net sales ($19.3 million, up better than 41 percent) both spiking over the entire fiscal year, Chembio Diagnostic Systems President and CEO John Sperzel III touted his company’s “strong financial performance and meaningful progress toward our strategic and operational objectives” during FY2017, starting with a 14 percent operating-loss improvement year-over-year. The numbers may finally be catching up with the Medford-based point-of-care diagnostics specialist’s cutting-edge science, according to the CEO: “Our philosophy is to start small and build as we grow to help ensure we scale the business in a systematic, pragmatic and thoughtful manner,” Sperzel told investors. “Simultaneously we’re investing in operational improvements to help scale our systems, processes and manufacturing capabilities.” – GZ

 

ORBIT INTERNATIONAL CORP.

Headquarters: Hauppauge
Industry: Capital goods
OTC: ORBT

Reporting Date: March 8, 2018
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 31, 2017

Numbers: Net sales were reported as $5.59 million, up 1.4 percent from the $5.52 million reported for the same quarter last fiscal year. Quarterly net income was reported as $561,000 (16 cents per diluted share), down more than 32 percent year-over-year (though the 4Q FY2017 income included a $300,000 deferred-tax benefit). EBITDA was reported as $602,000 for the quarter (17 cents per diluted share), up 0.6 percent from the $582,000 (14 cents) recorded last year.

Notes and Quotes: With full-year net sales holding steady – $20.7 million in FY2016, 20.8 million in FY2017 – and annual net income jumping more than 28 percent (to $1.79 million, or 47 cents per diluted share), Orbit International Corp. President and CEO Mitchell Binder praised “tight management of costs and operating efficiencies.” Although a subpar performance by the Hauppauge electronics manufacturer’s Power Group took a bite out of 4Q gross margins, Orbit International enjoyed a much stronger backlog at the end of this latest fiscal year – one of several reasons Orbit is sky-high about its FY2018 prospects. “We believe the recent budget passed in Washington bodes well for defense contractors for at least the next two years,” Binder told investors. “Consequently, we remain very encouraged by our business outlook and believe we are well-positioned for continued improved operating performance in 2018.” – GZ

 

SYSTEMAX INC.

Headquarters: Port Washington
Industry: Consumer services
NYSE: SYX

Reporting Date: Feb. 27, 2018
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 31, 2017

Numbers: Consolidated fourth-quarter revenues were reported as $330.6 million, up 11.8 percent from the $295.6 million reported for the same quarter last fiscal year. Quarterly operating income was reported as $19.2 million, up 19.2 percent from the $16.1 million reported for 4Q FY2016, while earnings per diluted share from continuing operations grew to 32.4 cents, up better than 181 percent from the 11.5 cents per diluted share reported for the quarter ended Dec. 31, 2016.

Notes and Quotes: With annual net sales increasing 8.1 percent to surge past $1.27 billion and net income per diluted share topping $2 for Fiscal Year 2017, CEO Larry Reinhold was in a stellar mood, citing “an exceptional year for Systemax” that included streamlined operations and other optimization initiatives. With operating income more than doubling (on a non-GAAP basis) to $75 million, the Port Washington-based international distributor of industrial/tech products enters its new fiscal year “well positioned for top- and bottom-line growth,” according to its CEO. “Our efforts to broaden customer relationships, enhance the value we provide and improve productivity are ongoing,” Reinhold told investors. – GZ

 

HENRY SCHEIN INC.

Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC

Reporting Date: Feb. 20, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 30, 2017

Numbers: Net fourth-quarter sales were reported as $3.31 billion, up 6 percent from the $3.12 billion reported for the same three months last fiscal year. But the mighty Melville maker scored a net loss for the fourth quarter of approximately $8.53 million (6 cents per diluted share), down 106 percent from the $139.2 million income (and gains of 88 cents per diluted share) reported in 4Q FY2016.

Notes and Quotes: For its FY 2017, Henry Schein posted strong gains in net sales (up 7.7 percent to eclipse $12.46 billion) and net income besting $406 million ($2.57 cents per diluted share) – slightly off FY2016’s pace ($506 million, $3.10 EPDS), but not too shabby. Pinning the soft fourth quarter on one-time charges related to changes in the federal tax law and a $17.6 million loss associated with the sale of equity ownership in E4D Technologies, CEO and Board Chairman Stanley Bergman said Henry Schein actually ended its fiscal year “with a strong fourth quarter that demonstrates the advantages of our high-touch, value-added solutions business model,” including gains posted by the Animal Health, Medical, Dental and Technology/Value-Added Services segments. “We believe the end markets we serve are healthy,” Bergman told investors, “and that we are well-positioned to continue to deliver on our long-term goal of organic sales growth in excess of market growth, complemented by strategic acquisitions.”  – GZ

 

VEECO INSTRUMENTS INC.

Headquarters: Oyster Bay
Industry: Technology
Nasdaq: VECO

Reporting Date: Feb. 12, 2018
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 31, 2017

Numbers: Reported first-quarter net income was $9.1 million, up 139.5 percent from the $3.8 million reported for the same three-month period last fiscal year. Quarterly revenues were reported as $143.4 million, up 53.2 percent year-over-year from $93.6 million. Fourth-quarter non-GAAP earnings per share were reported as 19 cents, up 111.1 percent from the 9 cents reported for 4Q FY2016.

Notes and Quotes: The strong fourth quarter softened the blow but didn’t spare the Oyster Bay equipment-solutions manufacturer from another down year. For its FY2017, Veeco suffered a GAAP net loss of $44.8 million, or about $1.01 per share – though non-GAAP income ($23.4 million) and diluted EPS (53 cents) both swung to the positive, after ending FY2016 well into the red. Chief Executive Officer John Peeler noted a “truly transformational year” and accentuated positives including the stronger-than-anticipated fourth quarter (“above the high end of our guided range”) and the completed acquisition of California-based UItratech (“providing us with a more diversified revenue stream”). Says Peeler: “Our healthy bookings demonstrate our leading position in the markets we serve, and give us confidence in our ability to accelerate profitable growth.”  – GZ

 

APPLED DNA Sciences
Headquarters: Stony Brook
Industry: Biotechnology
Nasdaq: APDN

Reporting Date: Feb. 8, 2018
Reporting Quarter: 1Q FY2018
Quarter Ended: Dec. 31, 2017

Numbers: Total first-quarter revenues were reported as $647,677, down 23.2 percent from the $903,008 reported for the same three-month period last fiscal year. Operating expenses also declined year-over-year – from $3.9 million to $2.59 million, a 33.5 percent decrease – but Applied DNA still posted a quarterly net loss of $3.18 million (12 cents per share), improving marginally on the net loss of $3.96 million (16 cents per share) reported for 1Q FY2017.

Notes and Quotes: The first quarter marked another in which the Stony Brook biotech jockeyed for future bottom-line success, including new international partnerships and a healthy 50 percent year-over-year increase in revenues from recurring services (up to $297,544). Indeed, President and CEO James Hayward referenced “new, long-term revenue opportunities” in his message to investors, while reaffirming Applied DNA’s base revenue guidance for FY2018 – and predicting the lion’s share of profits would be realized in the third and fourth quarters, “our peak cotton quarters.” Says Hayward: “We made significant progress in the first quarter on the execution of our growth strategy to expand our base of business in our core markets and broaden the application of our molecular tagging technology platform in adjacent markets.”  – GZ

 

BROADRIDGE FINANCIAL SOLUTIONS
Headquarters: Lake Success
Industry: Finance
NYSE: BR

Reporting Date: Feb. 8, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: Dec. 31, 2017

Numbers: Second-quarter revenues were reported as $1.01 billion, up 13 percent from the $893 million reported for the same quarter last fiscal year. Operating income was reported as $115 million, nearly doubling the $59 million reported for 2Q FY2017 (a shiny 96 percent increase). Adjusted, non-GAAP earnings-per-share were reported as 79 cents in the second quarter, up an impressive 103 percent year-over-year from 39 cents-per-share.

Notes and Quotes: Broadridge Financial Solutions delivered “very strong fiscal second-quarter results,” understated CEO Richard Daly, and its performance over the first six months of its fiscal year was nearly as mighty – revenues (up 8 percent, to $1.93 billion), profits (up 60 percent, to $200 million) and adjusted EPS (up 76 percent, to $1.32) all spiked. With total revenues and recurring-fee revenues climbing, the Lake Success data-analytics and investor-communications company is raising its revenue and EPS guidance for the remainder of FY2018, and the sky’s the limit, according to its CEO: “The quality of our dialogues with key clients remains very high, which we believe positions us well for future growth,” Daly told investors. – GZ

 

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

Reporting Date: Feb. 6, 2017
Reporting Quarter: 2Q FY2018
Quarter Ended: Dec. 31, 2017

Numbers: Second-quarter revenues were reported as $8.3 million, up 38.3 percent from the $6 million reported for the same quarter last fiscal year. Gross profits also jumped year-over-year, from $4.2 million to $5.9 million (a 40.4 percent spike), as did adjusted earnings (40 cents per share, improving on the 10 cents-per-share loss recorded in 2Q FY2017). But overall, the company reported a net loss of $6.9 million, up significantly from the $600,000 loss reported for the same three months last year.

Notes and Quotes: President and CEO Stavros Vizirgianakis, who took over after longtime CEO Michael McManus resigned in 2016, played up the Farmingdale med-tech maker’s “record fiscal second quarter revenue results,” which he told investors “highlight the value of our leading ultrasonic medical device platform.” As for the red ink – Misonix posted similar revenue/profit/earnings splits over the first six months of its fiscal year, posting an $8.1 million net loss – stay tuned, according to the CEO: “Our initiatives to position Misonix for near- and long-term growth and profitability are yielding positive results across many areas of our business.” – GZ

 

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

Reporting Date: Feb. 5, 2017
Reporting Quarter: 2Q FY2018
Quarter Ended: Dec. 31, 2017 

Numbers: Second-quarter earnings were reported as $1.23 million, up 43 percent from the $860,000 reported for the same quarter last fiscal year. Revenues also inched upwards – to $21.1 million, from $20.7 million in 2Q FY2017, a 1.9 percent increase – as did earnings-per-share, climbing from 5 to 7 cents.

Notes and Quotes: Trumpeting another record quarterly revenue performance, skyrocketing software-as-a-service recurring revenues and the 14th consecutive quarter of increased sales, NAPCO Security Technologies President and Chief Executive Richard Soloway noted the Amityville-based manufacturer of high-tech security, fire and video systems did it all without running up significant R&D and marketing expenses and maintaining net-zero debt. “Our business strategy is executing will within the aforementioned trend,” Soloway told investors. “Driving growth, profits and returns on equity are important to us and our shareholders.” – GZ

 

NATHAN’S FAMOUS INC.
Headquarters: Westbury
Industry: Consumer services
Nasdaq: NATH

Reporting Date: Feb. 2, 2017
Reporting Quarter: 3Q FY2018
Quarter Ended: Dec. 24, 2017 

Numbers: Third-quarter revenues increased to $22.08 million, up 10.7 percent from the $19.93 million for the same quarter last fiscal year. Income from operations also rose year-over-year, increasing to $5.37 million from $4.75 million, and adjusted EBITDA – including a debt-extinguishment loss (the refinancing of Senior Secured Notes due in 2020) and the reevaluation of certain deferred tax liabilities – increased to $5.85 million, up 11.4 percent from the $5.25 million reported for 3Q FY2017.

Notes and Quotes: Despite those rosy numbers, the Westbury-based hot dog king reported a net loss of $3.77 million for the third quarter, and a loss-per-diluted-share of 90 cents. Nathan’s Famous’ performance over the first nine months of its FY2018 was much the same – revenues, income from operations and adjusted EBITDA up, net income and earnings-per-diluted share way down. The company stressed several silver linings, however, including licensing royalties that increased 10.8 percent year-over-year (to $17.9 million) during the 39 weeks ended Dec. 24. – GZ

 

ACETO CORP.
Headquarters: Port Washington
Industry: Healthcare
Nasdaq: ACET

Reporting Date: Feb. 1, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: Dec. 31, 2017

Numbers: Second-quarter net sales spiked 36.4 percent, from $125.6 million in 2Q FY2017 to $171.2 million for the quarter ended Dec. 31. Gross profits also inched up, from $30.8 million to $34 million, a 10.3 percent increase year-over-year. But the company reported a net loss of $13.9 million for the quarter – about 2,216 percent worse than the $600,000 it lost in the second quarter last fiscal year.

Notes and Quotes: As bad as that sounds, it actually could have been worse. The stinging shortfall includes a one-time $13.9 million infusion from the Tax Cuts and Jobs Act, which still wasn’t enough to spare the Port Washington pharma from a quarterly 39-cent loss per diluted share. CEO William Kennally (while praising the company’s profitable Human Health business) was blunt about the remainder of the 2018 fiscal year: Facing “industry headwinds” including stiff competition and customer consolidations – and “pricing pressures” on legacy products, combined with “softer than expected contributions from new product launches” – Aceto is now predicting “overall results for the second half of the year to be only modestly better than the first half,” Kennally told investors. – GZ

 

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

Reporting Date: Jan. 31, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: Dec. 31, 2017

Numbers: Reported second-quarter revenues were $526.1 million, down 5.1 percent from the $554.6 million reported for the same quarter last fiscal year. But earnings were up year-over-year, with the company reporting second-quarter earnings-per-diluted-share of $1.06, a 13.9 percent jump from the 93 cents-per-diluted-share earned in 2Q FY2017.

Notes and Quotes: The Carle Place e-gifting giant pegged the difference on the lucrative sale of its Fannie Mae and Harry London confection brands, which closed during the second quarter of FY2017. Take that $115 million cash infusion out of the equation and second-quarter revenues actually increased 2.4 percent year-over-year. Chief Executive Chris McCann offered a good-not-great assessment, acknowledging a “mixed” quarter featuring unfortunate holiday-season production difficulties for the Cheryl’s Cookies brand and the “increasing strength” of Harry & David branded products. Says McCann: “As we enter the second half of our fiscal year, we see several tailwinds … that will enable us to accelerate revenue growth to more than 5 percent and drive year-over-year increases in bottom-line contribution for all three of our business segments.”  – GZ

 

NEW YORK COMMUNITY BANCORP INC.
Headquarters: Westbury
Industry: Finance
NYSE: NYCB

Reporting Date: Jan. 31, 2018
Reporting Quarter: 4Q FY2017
Quarter Ended: Dec. 31, 2017

Numbers: Fourth-quarter net income was reported as $136.5 million, up 20 percent from the $113.7 million reported for the same quarter last year. The quarterly income also bested the $110.5 million reported for the three months ended Sept. 30, 2017, a 24 percent quarter-over-quarter increase. Fourth-quarter diluted earnings-per-share were 26 cents, a 24 percent increase from the 21 cents-per-share reported for 3Q FY2017.

Notes and Quotes: The three months ended Dec. 31 continued the momentum of NYCB’s strong third quarter, but the Westbury-based parent of two state-chartered banks (New York Community Bank and New York Commercial Bank) posted a 6 percent drop in full-year net income – just $466.2 million, down from the $495.4 million reported for FY2016. And that includes a one-time $42 million benefit from the Tax Cuts and Jobs Act, which materialized in the fourth quarter. President and CEO Joseph Ficalora accentuated the positive, including a sharp decline in operating expenses and a spike in new loans held for investment, up 34 percent (quarter-to-quarter) to end the year. “We continue to lend prudently and conservatively as reflected again by our asset quality metrics, which continue to be solid,” Ficalora told investors. “All in all, we believe that this quarter’s performance lays the groundwork for solid growth in 2018.” – GZ

 

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

Reporting Date: Jan. 9, 2018
Reporting Quarter: 3Q FY2018
Quarter Ended: Nov. 30, 2017

Numbers: Net third-quarter sales were reported as $156.6 million, down 0.5 percent from the $157.4 million reported for the third quarter of last fiscal year. But net income was reported as $8.6 million, a healthy 48.2 percent increase over the $5.8 million reported for 3Q FY2017. Diluted third-quarter earnings-per-share also rose proportionately year-over-year, up to 35 cents from 24 cents.

Notes and Quotes: President and CEO Pat Lavelle once again referenced the $177 million sale of Voxx International’s Germany-based Hirschmann Car Communication division (closed in August 2017) in noting the international manufacturer’s “heathy cash position and access to capital through our banking facilities to execute our strategy and unlock shareholder value.” With the company’s Premium Audio and Consumer Accessories segments logging solid third-quarter growth, the Hauppauge-based consumer electronics giant now has “several new product introductions on the horizon across all of our business segments that should contribute to top-line growth in the coming years,” Lavelle said. – GZ

 

MSC INDUSTRIAL SUPPLY CO.  
Headquarters: Melville
Industry: Capital goods
NYSE: MSM

Reporting Date: Jan. 10, 2018
Reporting Quarter: 1Q FY2018
Quarter Ended: Dec. 2, 2017

Numbers: Net first-quarter sales were reported as $768.6 million, up 12 percent from the $686.3 million reported for 1Q FY2017. Quarterly net income was $59.6 million, a 9.8 percent year-over-year increase from $54.3 million. Diluted earnings per share were $1.05, a 9.4 percent increase from the 96 cents per share reported for the same quarter last fiscal year.

Notes and Quotes: President and CEO Erik Gershwind said MSC Industrial’s strong performance reflected a “solid” business environment and “an exciting time for U.S. manufacturing and MSC on multiple fronts,” with the Melville/North Carolina-based tools and supplies distributor – coming off a strong FY2017 – growing business or holding steady “across all customer types.” The primary reason for optimism, according to the CEO: increasing list prices across the sector, following “several years of a weak pricing environment.” Chief Financial Officer Rustom Jilla referenced other impressive 1Q stats (including a 12 percent increase in average daily sales and a slight operating-margin uptick) and trumpeted “the significant positive impact of tax reform on our earnings and cash flow.” – GZ

 

LAKELAND INDUSTRIES
Headquarters: Ronkonkoma
Industry: Healthcare
Nasdaq: LAKE

Reporting Date: Dec. 15, 2017
Reporting Quarter: 3Q FY2018
Quarter Ended: Oct. 31, 2017 

Numbers: Net third-quarter sales were reported as $24 million, up 3.4 percent from the $23.2 million reported for the same quarter last fiscal year. Reported net income increased to $1.8 million (23 cents per diluted share), up 19 percent from the $1.5 million (21 cents) reported for 3Q FY2017.

Notes and Quotes: With total debt down 61 percent (to $2.3 million) from the start of the 2018 fiscal year and sales growth reported in all major operating divisions, executives at the Ronkonkoma-based protective-clothing manufacturer and distributor are “very pleased with our performance in the third quarter,” according to President and CEO Christopher Ryan, who trumpeted the “momentum of our core business.” Among the positive trends are a post-Brexit rebound in European sales and increased demand from surging oil and gas sectors, Ryan told investors, not to mention the $10 million in net proceeds from a third-quarter issuance of common stock – all good news “while we gear up for continued growth and market share attainment,” according to the CEO. – GZ

 

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

Reporting Date: Dec. 15, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Preliminary unaudited fourth-quarter revenues were reportedly $1.1 million, down 30 percent from the $1.6 million reported for the same quarter last fiscal year. Net loss for the quarter ended Sept. 30 was $2.9 million (10 cents per share), compared with a net loss of $2.4 million (also 10 cents per share) reported for 4Q FY2016.

Notes and Quotes: The quarter-over-quarter numbers were no better – reported revenues dropped 36 percent since the third quarter ended June 30. And for the year, the Stony Brook biotech notes a preliminary unaudited net loss of $12.9 million (49 cents per share), about as bad as the $12.2 million loss (51 cents per share) reported for FY2016. But long-awaited gains in the textile trades and bold forays into an expansive range of vertical markets actually drove up annual revenues, a 13 percent increase (to $4.8 million) that “reflects growing market awareness and adoption of our DNA technology platform in our key business verticals,” according to President and CEO James Hayward, who told investors, “our successes in fiscal 2017 place us firmly on a path to revenue growth in fiscal 2018.” – GZ

 

VERINT SYSTEMS INC.
Headquarters: Melville
Industry: Technology
Nasdaq: VRNT

Reporting Date: Dec. 6, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Oct. 31, 2017

Numbers: Third-quarter revenue was reported as $280.7 million, up 8.4 percent from the $258.9 million reported for the same quarter last fiscal year. But net income for the quarter declined significantly year-over-year, to $3.1 million (4 cents per diluted share), down 58.1 percent from the $7.4 million reported for 3Q FY2016.

Notes and Quotes: With the Melville firm’s call center business (roughly $9 million in revenues) and cyberintelligence unit (about $13 million in revenue) both logging strong third quarters – and despite a 38 cents loss per share reported for the first nine months of FY2017 – Verint President and CEO Dan Bodner said he and his executive team were “pleased with our strong third quarter and year-to-date results.” Among the bright spots, according to the CEO: year-over-year third-quarter revenue growth in both business segments, plus “top-line growth” driving earnings faster than revenues. “We expect our ongoing innovation, including the recent introduction of new automation and artificial intelligence capabilities, will contribute to sustain long-term growth,” Bodner told investors. – GZ

 

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

Reporting Date: Dec. 6, 2017
Reporting Quarter: 1Q FY2018
Quarter Ended: Oct. 31, 2017

Numbers: First-quarter net sales were reported as $121.6 million, down 10.4 percent from the $135.8 million reported for 1Q FY2017. But the company’s first-quarter net loss declined dramatically year-over-year, reduced by nearly a third: to $1.7 million (7 cents per diluted share), down 32 percent from $2.5 million (11 cents) in the same quarter last year.

Notes and Quotes: With $42.5 million in cash and cash equivalents on hand – and a $490.4 million backlog on the books – as of Oct. 31, the new fiscal year is off to a solid start for the Melville communications-tech firm, according to President and CEO Fred Kornberg, who said the first quarter “exceeded our expectations.” Among the pleasant developments were “a number of large strategic orders” and “strong order flow across many of our product lines,” noted Kornberg, adding that “Fiscal 2018 is beginning to look like a very strong year.” – GZ

 

FALCONSTOR SOFTWARE INC.
Headquarters: Melville
Industry: Software
OTC: FALC

Reporting Date: Nov. 21, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Third-quarter revenues were reported as $6.1 million, down 19.6 percent from the $7.3 million reported for the same quarter last fiscal year. But total operating expenses decreased more than 49 percent year-over-year, from $7.1 million to $3.6 million, allowing the company to swing into the black: From a net loss of $2 million in 3Q FY2016 to net third-quarter income of $1.4 million this year.

Notes and Quotes: For the three quarters ended Sept. 30, the Melville software specialist showed a similar year-over-year pattern: total revenue down 17.1 percent (to $18.9 million), total operating expenses down 43.2 percent (to $14.8 million) and a significantly reduced net loss (from $9.8 million last fiscal year to $300,000 for the first nine months of FY2017). FalconStor, which was delisted from the Nasdaq exchange in September, also shared some happy financial news earlier in November, when it announced a $3 million “financial commitment” from Hale Capital Partners. “The management group and I are optimistic about the future of FalconStor,” said CEO Todd Brooks. – GZ

 

CHEMBIO DIAGNOSTIC SYSTEMS INC.
Headquarters: Medford
Industry: Healthcare
Nasdaq: CEMI

Reporting Date: Nov. 9, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Third-quarter revenues were reported as $7.6 million, up 102.5 percent from the $3.7 million reported for 3Q FY2016. Quarterly sales jumped to $6.1 million, up 145.1 percent year-over-year from $2.5 million. Net loss was $600,000, (5 cents per diluted share), compared with net loss of $2.1 million (19 cents) reported for the same quarter last year.

Notes and Quotes: Buttressed by a strong third quarter, the Medford point-of-care diagnostics specialist also posted gains in revenues (up 32.4 percent, to $18 million) and sales (up 38.3 percent, to $14.5 million) for the nine months ended Sept. 30. And though it’s still operating in the red, Chembio dramatically reduced its net loss over the first nine months of FY2017, down to $4.4 million (36 cents per diluted share) from $10.8 million ($1.06 per diluted share) over the first three quarters of last year. Trumpeting progress with the company’s sexually transmitted disease business, tropical- and fever-disease portfolio and global commercial team, CEO John Sperzel III noted Chembio “reached important regulatory milestones during the third quarter” while moving product at a pace that “further validates the strength and effectiveness of our global sales organization.”  – GZ

 

ORBIT INTERNATIONAL CORP.
Headquarters: Hauppauge
Industry: Capital goods
OTC: ORBT

Reporting Date: Nov. 9, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Net sales were reported as $5.00 million, down 8.8 percent from the $5.48 million reported for 3Q FY2016. But year-over-year reported net income rose – from $455,000 (11 cents per diluted share) to $699,000 (19 cents per diluted share) – and earnings before EBITDA held virtually steady ($507,000 and 12 cents per diluted share last year, $505,000 and 13 cents per diluted share in 3Q FY2017).

Notes and Quotes: With nine-month sales inching up year-over-year (from $15.20 million to $15.24 million) and nine-month net income spiking – from $564,000 (13 cents per diluted share) to $1.24 million (31 cents) – President and CEO Mitchell Binder is taking the Hauppauge electronics manufacturer’s mixed third quarter in stride. In fact, Binder referenced a “strong operating quarter” featuring “operating efficiencies, product mix and cost containment,” marred only by product-delivery delays “due to technical issues that surfaced near the end of the quarter.” Those issues have been addressed and backlogged product shipments have commenced, according to the CEO, who predicted “higher revenues in the fourth quarter” as a result. – GZ

 

LIFETIME BRANDS INC.
Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT

Reporting Date: Nov. 9, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Net sales were reported as $166.0 million, down 2.4 percent from the $170.1 million reported for the same quarter last fiscal year. Net income was reported as $4.3 million (29 cents per diluted share), down 33.8 percent from the $6.5 million (44 cents per diluted share) reported for 3Q FY2016.

Notes and Quotes: For the nine months ended Sept. 30, the year-over-year numbers were a little steadier for the Garden City home-goods distributor – reported net sales dropped only six-tenths of 1 percent, from $399.1 million to $396.7 million, while net income dipped 10 percent, from $1.0 million reported last year to $900,000 over the first three quarters of FY2017. But the third quarter “was a challenging period for Lifetime,” according to Chairman and CEO Jeffrey Seigel, who cited retail stores closing across the country, or at least reducing inventory levels (the company also limited sales to certain retailers “due to credit concerns,” he noted.) On the bright side, e-commerce sales are on the rise, Seigel told investors, and “we expect such e-commerce sales fully to offset the decline in sales to traditional brick-and-mortar stores during 2018.” – GZ

 

CPI AEROSTRUCTURES INC.
Headquarters: Edgewood
Industry: Capital goods
AMEX: CVU

Reporting Date: Nov, 8, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: First-quarter revenue was reported as $20.7 million, down 6.3 percent from the $22.1 million reported for 1Q FY2016. Gross first-quarter profits slipped year-over-year from $5 million to $4.9 million, while net income and earnings per diluted share both held steady, at $1.7 million and 19 cents, respectively.

Notes and Quotes: The Edgewood defense contractor reported steady revenues for the first nine months of its fiscal year ($57.5 million) compared to the first nine months of FY2016 ($57.1 million). It also reported nine-month losses in net income ($3.7 million) and earnings per diluted share (42 cents), but pinned them on a backlog of anticipated income from multiyear defense contracts. President and CEO Douglas McCrosson, citing “delayed revenue recognition” from “newer defense programs still in their development phase,” trumpeted a “solid” third quarter, during which CPI Aero knocked about $900,000 off the outstanding balance on its line of credit and celebrated new contracts with Sikorsky, the U.S. Air Force and Lockheed Martin. “Based on our year-to-date performance and the momentum in backlog … we believe we are firmly on a trajectory for sustained top-line growth and profitability,” McCrosson said. – GZ

 

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

Reporting Date: Nov. 8, 2017
Reporting Quarter: 1Q FY2018
Quarter Ended: Sept. 30, 2017

Numbers: First-quarter revenue was reported as $7.3 million, an increase of 18 percent over the $6.2 million reported for the same quarter last fiscal year. Net quarterly losses spiked to a reported $1.2 million (14 cents per diluted share) from the $500,000 (7 cents per diluted share) in losses reported for 1Q FY2017.

Notes and Quotes: The Farmingdale med-tech maker is accentuating the positive, including a reported 35 percent increase in revenues from its BoneScalpel surgical device and that overall double-digit revenue jump, with strong sales “picking up where we left off in fiscal 2017,” according to President and CEO Stavros Vizirgianakis. With revenues in its U.S. Consumables business steadily rising (up 25 percent in the first quarter, year-over-year) and a new multiyear licensing, royalty and manufacturing agreement with Chinese corporation Hunan Xing Hang Rui Kang Bio-Technologies Co. (a deal projected to generate upwards of $11 million in revenues and royalties through 2021), positivity abounds. Says Vizirgianakis: “We are making steady progress with the surgical community.” – GZ

 

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

Reporting Date: Nov. 6, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Net sales were reported at $3.2 billion, up 10.3 percent over 3QFY2016. Net income was reported at $138 million (87 cents per diluted share), up 3.2 percent and 6.1 percent, respectively, over the same quarter last year. Dental ($1.5 billion), Animal Health ($882.6 million), Medical ($690.8 million) and Technology/Value-Added Services ($109 million) sales all increased year-over-year.

Notes and Quotes: “Solid overall sales results” and key strategic acquisitions led to “continued success,” understates Chairman and CEO Stanley Bergman, who notes the third quarter might have shined brighter if not for the sales impact of a brutal hurricane season and a “difficult comparable” in the Dental business to 3QFY2016, when Henry Schein offered a special (and successful) promotion. With a 2-for-1 stock split completed in the third quarter, the company is adjusting its full-year earnings-per-share guidance range to reflect growth of approximately 12 percent – and introducing 2018 EPS guidance reflecting growth of 11 to 14 percent. Says Bergman: “We expect to continue to make progress with our focus on increasing sales of higher-margin products, as well as improving operating efficiencies.” – GZ

 

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

Reporting Date: Nov. 6, 2017
Reporting Quarter: 1Q FY2018
Quarter Ended: Sept. 30, 2017

Numbers: Net first-quarter sales were reported as $21.2 million, up 5 percent from the $20.2 million reported for 3QFY2017. Net income spiked to $890,000 (or 5 cents per diluted share), up 56.6 percent from the $568,000 (3 cents per share) reported for the same quarter last fiscal year.

Notes and Quotes: That first-quarter sales increase set a new quarterly record for the Internet of Things-friendly manufacturer of high-tech security, fire and video systems. Chairman and President Richard Soloway – who referred to the Amityville electronics cornerstone as “a leader in the wireless cellular alarm and IoT communicator category” – trumpeted 13 straight quarters with sales increases, crediting the company’s StarLink product line and its juicy subscription-based, recurring revenues. “The investments we have made in sales, marketing and engineering continue to provide a solid foundation for steady, consistent growth in sales and profitability,” the chairman said Monday, “and bode well for a strong future.” – GZ

 

NATHAN’S FAMOUS INC.
Headquarters: Westbury
Industry: Consumer services
Nasdaq: NATH

Reporting Date: Nov. 3, 2017
Reporting Quarter: 2Q FY2018
Quarter Ended: Sept. 24, 2017

Numbers: Revenues were $31.60 million, up 12.8 percent from the $28.01 million reported for 3Q FY2017. Net second-quarter income was $3.12 million, up 24.4 percent year-over-year from $2.50 million. Earnings per diluted share was 74 cents, up 23.3 percent from the 60 cents reported for the same quarter last fiscal year.

Notes and Quotes: While the second quarter shines, the hot dog king’s performance over the first half of FY2018 is more mixed: Revenues were up 8.8 percent (to $62.52 million) year-over-year, but net income was only $6.04 million – down 0.24 percent from the first six months of last fiscal year – and earnings-per-share were down a penny. Still, the Westbury wienermeister has plenty to feel good about heading into the second half of its fiscal year, including strong seven-digit gains in its licensing royalties. And on Nov. 1, the Nathan’s Famous Board of Directors announced that shareholders of record at the close of business on Dec. 22 can expect a slightly tardy holiday gift: a $5-per-share special cash dividend payable on Jan. 4, 2018. – GZ

 

ACETO CORP.
Headquarters: Port Washington
Industry: Healthcare
Nasdaq: ACET

Reporting Date: Nov. 2, 2017
Reporting Quarter: 1Q FY2018
Quarter Ended: Sept. 30, 2017

Numbers: First-quarter revenue jumped 44.7 percent, from $128.02 million reported for 1Q FY2017 to $185.26 million this fiscal year. Quarterly earnings were reported at $10.68 million, up 28.9 percent year-over-year from $8.28 million. But net income and diluted earnings per share both plunged: down 89.6 percent (to $500,000) and 93.3 percent (to 1 cent), respectively.

Notes and Quotes: CEO William Kennally III pinned the fiscal fluctuations on “pricing pressure” on some of the “more mature” products in the Port Washington drugmaker’s Rising Pharmaceuticals portfolio. That price war, combined with lower-than-expected profitability from pharmaceuticals acquired in the 2016 takeovers of Citron Pharma and Lucid Pharma, caused “a contraction in segment profitability,” Kennally told investors – but Aceto is still pressing ahead with plans to introduce as many as 20 new products between calendar years 2017 and 2018. “We believe we remain well-positioned to weather what has become a prolonged generics-industry downturn and grow net sales, based on the steady supply of new products to launch, our strong balance sheet and our steady cash-generating businesses,” the CEO said. – GZ

 

SYSTEMAX INC.
Headquarters: Port Washington
Industry: Consumer services
NYSE: SYX

Reporting Date: Oct. 31, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Net sales were $319.3 million, up 10 percent from the $290.2 million reported for 3Q FY2016. Net income (from continuing operations) soared more than 480 percent, to $14.1 million, from the $1.6 million reported for the same quarter last year. Net earnings per diluted share from continuing operations was 32 cents, up from 12 cents last year, while net loss per diluted share from discontinued operations was reported as 8 cents, down from the loss of 30 cents reported for 3Q FY2016.

Notes and Quotes: The Port Washington-based international distributor of industrial/tech products also reported sharp year-over-year increases in net sales (from $874.7 million to $934.8 million) and net income from continuing operations (from $5.4 million to $43.7 million) for the nine months ended Sept. 30. Chief Executive Larry Reinhold noted “another exceptional quarter” for the company’s two main divisions – its Industrial Product Group and it France-based technology business – setting up a strong finish to FY2017, including the exploration of further strategic acquisitions. “[We] remain well-positioned to drive the long-term value of our businesses,” Reinhold said Tuesday. – GZ

 

MSC INDUSTRIAL SUPPLY CO.
Headquarters: Melville
Industry: Capital goods
NYSE: MSM

Reporting Date: Oct. 31, 2017
Reporting Quarter: 4Q FY2017
Quarter Ended: Sept. 2, 2017

Numbers: Net sales were $753.8 million, an increase of 1.2 percent over the $745.1 million reported for 4Q FY2016. Fourth quarter net income was $60.7 million, down 1.8 percent year-over-year, but diluted earnings-per-share jumped 4.9 percent, from $1.02 last year to $1.07 in the final three months of FY2017.

Notes and Quotes: For the entire fiscal year, the Melville-based distributor of industrial tools and supplies (which maintains a second headquarters in North Carolina) noted year-over-year increases in its net sales (up 0.8 percent, to $2.88 billion), its net income (up 0.1 percent, to $231.4 million) and its diluted EPS (up 7.4 percent, to $4.05). Noting the strong performance – and a 4Q FY2017 that included the closing of the acquisition of DECO Tool Supply Co. – President and CEO Erik Gershwind trumpeted “our first year of significant earnings growth since 2012,” and said the hot streak has “continued into the first two months of fiscal 2018.” Adds Gershwind: “We expect to continue growing earnings and expanding operating margins.” – GZ

 

2018NEW YORK COMMUNITY BANCORP INC.
Headquarters: Westbury
Industry: Finance
NYSE: NYCB

Reporting Date: Oct. 25, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Third-quarter net income dropped to $110 million, down 12 percent from income reported for 3Q FY2016 and 4 percent from the $115.3 million reported for the second quarter of this fiscal year (ended June 30). Net income available to common shareholders also declined from the end of the second quarter, down 4 percent to 21 cents per diluted share, while NYCB claimed $48.5 billion in assets at the end of the third quarter, a 2 percent drop from the same quarter last year.

Notes and Quotes: NYCB actively keeps its assets below $50 billion to avoid additional compliance fees required of federally designated Systematically Important Financial Institutions, so the modest decline in assets is par for the course. As for the other dips, President and CEO Joseph Ficalora noted “several factors” – and said positive developments from the third quarter, including the sale of NYCB’s mortgage banking business (closed Sept. 29), would positively affect the bottom line during the fourth quarter. “These transactions are consistent with our overall strategic objectives and allow us to focus on our core business model, including growth through acquisitions,” Ficalora said Wednesday. – GZ

 

LONG ISLAND ICED TEA CORP.
Headquarters:
Farmingdale
Industry: Consumer non-durables
Nasdaq: LTEA

Reporting Date: Oct. 24, 2017
Reporting Quarter: 3Q FY2017
Quarter Ended: Sept. 30, 2017

Numbers: Total net sales rose a healthy 26 percent year-over-year, with the third quarter’s projected overall haul of $1.64 million easily outpacing the $1.30 million reported for 3Q FY2016. The company did not release net income data in its preliminary third-quarter report.

Notes and Quotes: A soaring 67 percent year-over-year sales increase (to $1.37 million) recorded by the beverage maker’s Branded Business segment was tempered by a 43 percent decline (to $479,000) recorded by and its ALO Juice/Other segment. With the numbers decidedly mixed, the company trumpeted several non-spreadsheet accomplishments during the three months ended Sept. 30, including its first Asian Pacific partnership, an “extended Canadian footprint” and the appointment of a new NYC-based sales team to maximize operations with legendary beverage distributor Big Geyser. Noting the “successful execution” of these and other projects, CEO Philip Thomas lauded “another milestone quarter” and the company’s “solid growth trajectory.” – GZ

 

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 consumer electronics 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
NYSE: 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.
H
eadquarters: 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


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