Headquarters: Westbury
Industry: Composites manufacturing
NYSE: PKE
Reporting Date: Jan. 9, 2020
Reporting Quarter: 3Q FY2020
Quarter Ended: Dec. 1, 2019
Numbers: Third-quarter sales were reported as $15.8 million, a 23.4 percent jump from the $12.8 million reported for the same quarter last fiscal year. But quarterly net earnings took a hit – falling from $3.69 million in FY2019 to $2.44 million, a 33.8 percent plunge – and both basic and diluted third-quarter earnings-per-share followed, each falling 33.3 percent year-over-year, from 18 cents to 12 cents.
Notes & Quotes: With the mixed third-quarter results sure to ruffle some investor feathers, CEO Brian Shore remains upbeat, reminding shareholders the former Park Electrochemical Corp. boasts no corporate debt and a $144 million cash reserve, and has paid out some $536 million in cash dividends since 2005, “a lot of money to be paid out, in my opinion, by a small little company like Park.” Meanwhile, the long-anticipated expansion of Park’s operations at Newton City/County Airport in Kansas – while slightly delayed by tough government approvals – is proceeding, with an end-of-2020 target in sight (and production expected to commence by the end of calendar 2021). “Park is still immersed in battling through challenges relating to steep program ramps, ongoing severe stress on the aerospace supply chain, tight supply of raw materials, operating with tight raw-material inventories and our own manufacturing capacity limitations,” Shore added. “But we don’t quit. We don’t back down or relent. That’s just not our way of doing things.” – GZ
Headquarters: Melville
Industry: Capital goods
NYSE: MSM
Reporting Date: Jan. 8, 2020
Reporting Quarter: 1Q FY220
Quarter Ended: Nov. 30, 2019
Numbers: Net sales for the first quarter were reported as $823.6 million, a 0.96 percent drop from the $831.6 million reported for the same quarter last fiscal year. Reported first-quarter net income also dropped year-over-year – from $74.2 million to $65.4 million, an 11.8 percent decline – and diluted earnings per share followed, dropping 11.3 percent from $1.33 in FY2019 to $1.18.
Notes and Quotes: Coming off a mixed and mostly disappointing FY2019, for which he decried a “weakening demand and pricing environment” but trumpeted MSC Industrial’s “solid execution,” President and CEO Erik Gershwind played a similar tune this month, noting the Melville/North Carolina-based tools and supplies distributor’s first-quarter results “reflect solid execution in a weak demand environment.” Although some customers and suppliers are eliminating shifts and, in some cases, announcing layoffs, “it is too early to conclude if underlying trends have worsened,” Gershwind added, with holiday schedules and “end-of-year purchasing decisions” definitely dampening 1Q sales. “Our forecast assumes that January and February follow the typical lift in average daily sales,” the CEO told investors. “Our journey to reposition MSC from a spot buy-only supplier to a mission-critical partner to manufacturers continues.” – GZ
COMTECH TELECOMMUNICATIONS CORP.
Headquarters: Melville
Industry: Technology
Nasdaq: CMTL
Reporting Date: Dec. 4, 2019
Reporting Quarter: 1Q FY2020
Quarter Ended: Oct. 31, 2019
Numbers: Net sales for the first quarter were reported as $170.3 million, a 5.9 percent increase over the $160.8 million reported for the same quarter last fiscal year. Quarterly net income skyrocketed more than 84 percent – from $3.46 million in 1Q FY2019 to $6.38 million this year – and both basic and diluted earnings per share followed, each increasing year-over-year from 14 to 26 cents.
Notes and Quotes: The new fiscal year is off to a banner start for the Melville-based advanced-communications ace, which announced in October a new U.S. Army satellite-communicator contract valued at up to $98.6 million, and followed that in November with two bits of good news – the U.S. Marines had issued a $325 million contract to a microwave-communications manufacturer with plans to subcontract work to Comtech, and the company had inked a $40 million deal to acquire disruptive satellite innovator UHP Networks. The momentum allowed the company to shake off $2.4 million in “acquisition plan expenses” during the quarter and even bump up its projected FY2020 net sales and earnings. “Our first-quarter results exceeded our expectations,” President and CEO Fred Kornberg told investors. “We continue to have clear visibility, lots of optimism and are excited about our future … based on our current business momentum, fiscal 2020 is beginning to look like a very strong year.” – GZ
Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT
Reporting Date: Nov. 8, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: Sept. 30, 2019
Numbers: Net sales for the third quarter were reported as $215.5 million, a 2.9 percent increase from the $209.4 million reported for the same quarter last fiscal year. However, the company recorded a quarterly net loss of $13.5 million (a 66 cent loss per diluted share), lightyears off the net income of $5.9 million (29 cents EPS) reported for 3Q FY2018.
Notes and Quotes: The Garden City-based home-goods distributor identified a one-time accounting charge related to its European restructuring initiative – a $9.7 million hit – as the culprit behind its precipitous earnings drop. But that restructuring will eventually deliver “a meaningful improvement in profitability,” according to CEO Rob Kay, who was otherwise pleased with the company’s third-quarter performance, including its “solid growth” in the retail end market. “The strategy that we’ve implemented over the past year is yielding meaningful results as we focus on our newly rolled-out strategic product-development and sales initiative,” Kay told investors. “We remain optimistic in our ability to continue on this path and will continue to invest in initiatives to advance our strategy and global positioning.” – GZ
Headquarters: Lake Success
Industry: Consumer non-durables
NASDAQ: HAIN
Reporting Date: Nov. 7, 2019
Reporting Quarter: 1Q FY2020
Quarter Ended: Sept. 30, 2019
Numbers: First-quarter net sales were reported as $482 million, a 7 percent drop from the $518.4 million reported for the same quarter last fiscal year. The reported first-quarter net loss from continuing operations decreased significantly (down more than 78 percent, to $4.9 million), but a staggering $102 million loss from discontinued operations fueled a $107 million first-quarter net loss – and dragged down both basic and diluted earnings, each plummeting more than 186 percent year-over-year to a quarterly loss of $1.03 per share.
Notes and Quotes: Listing the Hain Pure Protein (sold in June to Aterian Investment Partners III for $80 million) and Tilda (sold in August to Ebro Foods for $342 million) segments as “discontinued operations” seriously skewed the Lake Success-based food and personal-care products distributor’s year-over-year performance. But both adjusted net income from continuing operations ($8.4 million, down 6.6 percent) and adjusted EPS (8 cents, compared to 9 cents in 1Q FY2019) were on par with last year’s performance – with the distributor now set to capitalize on its streamlined operational strategy, according to President and CEO Mark Schiller. “We are pleased to report strong first-quarter results that are consistent with both our Fiscal Year 2020 guidance and [our] long-term strategy,” Schiller told investors. “Our transformational strategic plan to simplify the portfolio and strengthen capabilities, while expanding margins and cash flow, is on track, and we are confident in our ability to reinvigorate top-line growth over time.” – GZ
Headquarters: Edgewood
Industry: Capital goods
AMEX: CVU
Reporting Date: Nov. 6, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: Sept. 30, 2019
Numbers: Reported third-quarter revenues were $25.7 million, a 35.2 percent increase from the $19 million reported for the same quarter last fiscal year. Quarterly net income spiked 183 percent – from $600,000 in 3Q FY2018 to a reported $1.7 million this year – and earnings followed, increasing 100 percent year-over-year to 14 cents per diluted share.
Notes and Quotes: With the Edgewood-based defense contractor’s numbers over the first nine months of its fiscal year following suit – revenues up 30 percent year-over-year to $74.5 million, net income almost doubling (to $6 million), earnings per share up a healthy 46 cents – President and CEO Douglas McCrosson was all smiles after the third quarter. “We delivered an exceptional quarter of growth and performed well operationally while advancing our strategic priorities for 2019,” the CEO told investors, trumpeting particular advances for the company’s WMI subsidiary and its work with Northrop Grumman and Raytheon. And there’s more to come, according to McCrosson: “We continued to win new contracts at a strong pace (and) new contract momentum has continued into the fourth quarter.” – GZ
BROADRIDGE FINANCIAL SOLUTIONS
Headquarters: Lake Success
Industry: Finance
NYSE: BR
Reporting Date: Nov. 6, 2019
Reporting Quarter: 1Q FY2020
Quarter Ended: Sept. 30, 2019
Numbers: Total first-quarter revenues were reported as $949 million, a 2.4 percent dip from the $973 million reported for the same quarter last fiscal year. Both operating income (down 27 percent, to $73 million) and non-GAAP adjusted operating income (down 15.4 percent, to $104 million) declined from 1Q FY2019, and diluted earnings-per-share followed, falling 25 percent year-over-year (to 48 cents).
Notes and Quotes: There’s actually more good news than bad, including first-quarter Closed Sales skyrocketing more than 11 percent year-over-year (to a record $38 million). Also, those 1Q FY2019 revenues (and earnings) were artificially spiked by one-off events, softening the sting of the year-over-year declines. And the Lake Success-based data-analytics and investor-communications company has been on a buying spree, including its first-quarter acquisition of compensation-management expert Financial Database Services (terms undisclosed) and three more corporate acquisitions since the second quarter began Oct. 1. Broadridge President and CEO Tim Gokey, for one, is stoked about Broadridge’s “solid” first quarter, including those record Closed Sales. Says Gokey: “Broadridge is well-positioned to deliver a strong Fiscal Year 2020. We also continued to make targeted M&A investments in each of our core franchises, further positioning us for long-term growth.” – GZ
Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC
Reporting Date: Nov. 5, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: Sept. 28, 2019
Numbers: Reported third-quarter net sales were $2.5 billion, a 6.5 percent increase from the $2.35 billion reported for the same quarter last fiscal year. Quarterly net income from continuing operations was reported as $134.9 million, up a healthy 48.5 percent from the $90.8 million reported for 3Q FY2018, and diluted earnings per share followed, spiking 54.2 percent year-over-year to 91 cents
Notes and Quotes: The Melville-based global distributor – now self-billed as “the world’s largest provider of healthcare solutions to office-based dental and medical practitioners” – shattered third-quarter records with its titanic performance, and that’s without contributions from its former Animal Health business, which was spun off in February to form the new public company Covetrus. Quarterly Dental sales ($1.5 billion, up 2.1 percent over the previous quarter), Medical sales ($803.7 million, up 11.3 percent) and Technology/Value-Added Services sales ($137.3 million, up 15.1 percent) all rose nicely, helping Henry Schein accumulate $370.1 million in net income over the first nine months of FY2019 – and the sky’s the limit, according to Chairman and CEO Stanley Bergman. “Our third-quarter financial results are solid,” the CEO told investors. “We continue to make progress in growing organically, with a focus on sales of higher-margin products, while making strategic investments to supplement growth in the years ahead.” – GZ
NEW YORK COMMUNITY BANCORP INC.
Headquarters: Westbury
Industry: Finance
NYSE: NYCB
Reporting Date: Oct. 30, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: Sept. 30, 2019
Numbers: Net income for the third quarter was reported as $99 million, down 7.2 percent from the $106.7 million reported for the same quarter last fiscal year. But basic and diluted earnings per share (both 19 cents) were down only percentage points from the 20 cents reported for 3Q FY2018.
Notes & Quotes: Although down year-over-year, the third-quarter net income was a modest 1.85 percent improvement over the $97.2 million reported for the three months ended June 30. A number of loans refinanced “by alternative lenders (who) did not meet our stringent underwriting standards” dulled the quarterly performance, but with its loan portfolio stabilizing, its operating expenses declining and a new deposit-growth strategy in the works, things will only get better at Long Island’s largest bank, according to President and CEO Joseph Ficalora. “Overall, we are pleased with the company’s performance this quarter,” Ficalora told investors. “We anticipate further improvements in our funding costs, and … our asset-quality metrics continue to be solid.” – GZ
Headquarters: Port Washington
Industry: Consumer services
NYSE: SYX
Reporting Date: Oct. 29, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: Sept. 30, 2019
Numbers: Quarterly net sales were reported as $243.9 million, a 3.4 percent increase over the $235.8 million reported for the same quarter last fiscal year. Third-quarter operating income was reported as $18.8 million, a roughly 4 percent drop from the $19.6 million reported for 3Q FY2018, while quarterly earnings per diluted share showed a similar year-over-year drop (down about 7 percent, to 36 cents per share).
Notes and Quotes: The Port Washington-based industrial/tech international distributor was steady as ever over the summer, with sales increasing nicely and the bottom line dented only by “planned investments, specifically in our distribution network,” according to CEO Barry Litwin. The boss counted a new Dallas distribution center – a $1.7 million investment – among the quarter’s big news, and with a solid fiscal performance over the first nine months of FY2019 (net income per diluted share from continuing operations up 4.1 percent, to $1.02) trumpeted Systemax’s “customer-centric strategy and strategic growth pillars.” Says the CEO: “As we champion a customer-focused and continuous-improvement culture, we will ultimately drive greater customer satisfaction and improve our long-term financial performance.” – GZ
Headquarters: Melville
Industry: Capital goods
NYSE: MSM
Reporting Date: Oct. 24, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: Aug. 31, 2019
Numbers: Net sales for the fourth quarter were reported as $842.7 million, a modest 0.5 percent increase from the $838 million reported for the same quarter last fiscal year. But quarterly operating income (down 16 percent, to $90.5 million) and diluted earnings-per-share (down 6.9 percent, to $1.20) both took a year-over-year hit.
Notes and Quotes: Lamenting a “weakened demand and pricing environment,” President and CEO Erik Gershwind trumpeted “solid execution” over the company’s fourth quarter, highlighted by refreshed supplier partnerships and the beginnings of an organizational overhaul. Although the Melville/North Carolina-based tools and supplies distributor’s full-year FY2019 performance featured equally disappointing splits – net sales up 4.9 percent (to $3.36 billion), operating income down 4.9 percent (to $400 million), diluted EPS down 10.3 percent (to $5.20) – Gershwind sees reason for optimism in FY2020 and beyond. “Times of industrial weakness … are periods where we historically deliver strong free cash flow,” the CEO told investors. “Furthermore, I am confident that our focus on streamlining our cost structure and transforming our operating model will deliver a leaner, more agile and more effective organization.” – GZ
Headquarters: Melville
Industry: Composites manufacturing
NYSE: PKE
Reporting Date: Oct. 10, 2019
Reporting Quarter: 2Q FY2020
Quarter Ended: Sept. 1, 2019
Numbers: Second-quarter sales were reported as $13.7 million, a 22.3 percent increase from the $11.2 million reported for the same quarter last fiscal year. But quarterly net earnings (down 22.2 percent, to $2.1 million) and both basic and diluted earnings per share (each down from 13 to 10 cents) were off.
Notes & Quotes: The sale of its Electronics Business (to AGC, closed in December 2018) continues to fiddle with the former Park Electrochemical Corp.’s year-over-year numbers, with certain FY2019 results now labeled “discontinued operations.” But the Melville-based electronics and components manufacturer still missed its marks, off by $777,000 in its 2Q FY2020 sales estimate and $694,000 in its quarterly EBITDA forecast. The explanation is “complex and multifaceted,” the company said, involving supplier shortfalls, a “major rework” due to issues with one supplier’s polyurethane film (with “significant bottom-line impacts”) and other obstacles. Chief Executive Brian Shore was even more frank, telling investors, “I think maybe … we got a little burned out in Q2 from the brute force efforts in Q4 (FY2019) and Q1 … maybe we let down a little bit.” Expect a sharper focus moving forward, he added. “Maybe our discipline slipped a little bit,” Shore said. “But if that’s true, our heads are back in the game now. Important and painful progress is being made.” – GZ
NAPCO SECURITY TECHNOLOGIES INC.
Headquarters: Amityville
Industry: Consumer durables
Nasdaq: NSS
Reporting Date: Sept. 3, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: June 30, 2019
Numbers: Net fourth-quarter sales were reported as $29.5 million, an 8.4 percent increase over the $27.2 million reported for the same quarter last fiscal year and a new quarterly record. Reported quarterly net income was $4.7 million (26 cents per basic and diluted share), a 30.5-percent increase from the $3.6 million (20 cents) reported for 4Q FY2018.
Notes and Quotes: So how do you follow a 2018 fiscal year in which you racked up a record $91.7 million in sales and posted earnings to match? By sailing through FY2019 with four more quarters of year-over-year record sales growth – make it 20 straight quarters now – and a 60 percent increase in annual net income, soaring past $12 million. Chairman and President Richard Soloway trumpeted “new heights in both sales and profitability” for the global leader in electronic intrusion-security solutions, and predicted more of the same in FY2020. “I am particularly pleased with our company continuing its uninterrupted string of 20 consecutive quarters of year-over-year record sales levels, as well as surpassing the $100 million annual sales mark,” Soloway told investors, adding that wise engineering and marketing investments “should drive us to strong sales and profit growth for the foreseeable future.” – GZ
Headquarters: Lake Success
Industry: Consumer non-durables
NASDAQ: HAIN
Reporting Date: Aug. 29, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: June 30, 2019
Numbers: Net sales were reported as $557.6 million, a 9.99 percent decline from the $619.5 million reported for the same quarter last fiscal year. The company also reported a quarterly net loss of $7.7 million (7 cents per diluted share), roughly 67 percent worse than the $4.6 million loss (4 cents per diluted share) recorded in 4Q FY2019.
Notes and Quotes: Despite the slogging stats, the news wasn’t all bad for the Lake Success-based food and personal-care products distributor. Adjusted EPS (to compensate for “key operational improvements” and other expenses, according to President and CEO Mark Schiller), were in the black – 21 cents for the fourth quarter, 66 cents for the year. Those numbers were down from FY2018’s totals (27 cents and $1.16, respectively) and full-year net sales fell also (down 6.1 percent, to $2.3 billion), but “our team’s solid execution on our transformational strategic plan” has the global distributor feeling good about FY2020, according to Schiller. “We have started to make significant progress on our key strategies in the United States, including simplifying the portfolio, strengthening our core capabilities and expanding margins and cash flow,” the CEO told investors. “For Fiscal 2020, we remain confident in our ability to generate significant further improvements … and [to build] the foundation for future accelerated growth.” – GZ
Headquarters: Carle Place
Industry: Consumer services
Nasdaq: FLWS
Reporting Date: Aug. 22, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: June 30, 2019
Numbers: Fourth-quarter revenues were reported as $259.4 million, a 12.8 percent increase over the $229.9 million reported for 4Q FY2018. But the company still recorded a quarterly net loss of $8.3 million (13 cents per share), on par with the $8.2 million loss (also 13 cents per share) reported for the same quarter last fiscal year.
Notes and Quotes: Despite subpar returns over the home stretch, the Carle Place-based e-retail giant posted a solid FY2019 overall, scoring $1.25 billion in total revenues (up 8.4 percent year-over-year) and net income of $34.8 million (52 cents per share). The full-year totals actually lagged behind FY2018’s numbers (net income $40.8 million, EPS 61 cents), but CEO Chris McCann said the company’s yearlong strategy was focused on revenue growth and “we are very pleased to have exceeded our targets … driven by strong growth across all three of our business segments.” Entering the new fiscal year, the CEO is predicting continued revenue growth and “enhanced bottom-line results,” starting with this summer’s acquisition of the former FTD gourmet food brand Shari’s Berries. Says McCann: “We will continue to invest in strategic marketing and merchandising programs across our brands, as well as in innovations that enhance our No. 1 product – customer experience.” – GZ
Headquarters: Farmingdale
Industry: Medical technology
Nasdaq: MSON
Reporting Date: Aug. 14, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: June 30, 2019
Numbers: Fourth-quarter revenues were reported as $9.75 million, a 12.9 percent increase from the $8.63 million reported for the same quarter last fiscal year. The company’s quarterly net loss spiked year-over-year – from $1.78 million in 4Q FY2018 to $2.34 million – but adjusted fourth-quarter EBITDA moved into the black, rising from a $269,495 loss last year to a $228,112 score.
Notes and Quotes: Full-year revenue increased approximately 5.9 percent in FY2019, reaching $38.8 million on the strength of an 18.9 percent jump in annual product revenue. That helped the company slightly reduce its full-year net loss – from $7.61 million in FY2018 to $7.38 million – and there are even better days coming, according to President and CEO Stavros Vizirgianaki, who trumpeted new U.S. Food and Drug Administration clearances, the completed $97 million acquisition of Virginia-based Solsys Medical and other positive developments for the Farmingdale-based ultrasonic surgical manufacturer. “Our fourth quarter marks two years of continued improvements across the entire organization,” Vizirgianaki told investors. “Equally important, the close of fiscal 2019 highlights the success of various strategic initiatives we have undertaken to improve and grow the business in a sustained manner. Misonix has created a stable and robust foundation for the future.” – GZ
Headquarters: Edgewood
Industry: Capital goods
AMEX: CVU
Reporting Date: Aug. 8, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: June 30, 2019
Numbers: Reported second-quarter revenues were $23.2 million, a 14.2 percent increase from the $20.3 million reported for the same quarter last fiscal year. Reported net income was $2.7 million, an impressive leap from the $1.3 million reported for 2Q FY2018, and quarterly earnings per diluted share also rose nicely, increasing more than 64 percent year-over-year to 23 cents.
Notes and Quotes: The Edgewood-based defense contractor was quick to note a one-time, $1 million tax benefit (related to a tax-liability reversal) and its considerable effect on second-quarter income and earnings. But with six-month revenues climbing 26.4 percent year-over-year (to $48.7 million) and net income spiking an impressive 76 percent over the first half of FY2018 (to $4.4 million), the company is firing on all cylinders, according to President and CEO Douglas McCrosson – and the best is yet to come. “We delivered solid, year-on-year growth in revenue and net income in the second quarter that reflects continued operational execution and progression on our strategic priorities,” McCrosson told investors. “Looking ahead to the second half of the year, we have business momentum with a $448 million backlog and pipeline supporting opportunities for new program starts and follow-on orders.” – GZ
Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT
Reporting Date: Aug. 8, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: June 30, 2019
Numbers: Second-quarter net sales were reported as $142.5 million, a 4.2 percent drop from the $148.7 million reported for the same quarter last fiscal year. Net loss was $11.5 million – a loss of 56 cents per diluted share and an 88.5 percent plunge from the $6.1 million net loss (30 cents per diluted share) reported for 2Q FY2018.
Notes and Quotes: Lamenting “mixed results” over the first six months of the Garden City-based home-goods distributor’s fiscal year, CEO Rob Kay named plenty of suspects, ranging from “geopolitical conditions” such as tariff wars and Brexit to “temporary down cycles in the retail industry,” softening Lifetime’s end markets. But there is light at the end of this fiscal tunnel, according to Kay, who feels good about the company’s progress toward several long-term objectives, including an overall “portfolio realignment” and reorganization of its UK unit. “I am pleased that we remain on track to achieve our strategic priorities of integrating all of our operations and product categories into a unified business platform, which is more cost-efficient and better positioned to grow in the second half of 2019 and beyond,” Kay told investors. – GZ
Headquarters: Oyster Bay
Industry: Technology
Nasdaq: VECO
Reporting Date: Aug. 6, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: June 30, 2019
Numbers: Second-quarter revenues were reported as $97.8 million, a sharp 38 percent decline from the $157.8 million reported for the same quarter last fiscal year. A quarterly net loss of $15.6 million (33 cents per diluted share) was actually an improvement, however, significantly better than the $237.6 million loss ($5.02 per share) recorded in 2Q FY2018.
Notes and Quotes: With its transition away from the commodity LED business and intensified focus on data storage, the Oyster Bay equipment-solutions manufacturer is chugging along on the road to profitability – a long trek back, notes Chief Executive Officer William Miller, who nonetheless trumpeted important developments including a fresh penetration of the metal organic chemical vapor deposition market and other key industries. While GAAP loss-per-share is projected to range between 20 and 40 cents in the third quarter (non-GAAP per-share numbers range between a 10-cent loss and a 10-cent gain), brighter days are coming, according to Miller. “As demand for cloud storage increases, we continue to see strength in our data-storage products with another solid quarter of shipments,” the CEO told investors. “We continue to work with other customers to place additional systems.” – GZ
Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC
Reporting Date: Aug. 6, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: June 29, 2019
Numbers: Net second-quarter sales were reported as a record $2.44 billion, a 5.7 percent increase over the $2.31 billion reported for the same quarter last fiscal year. Reported quarterly operating income rose nicely year over year, from $157.1 million to $162.2 million, as did net income from continuing operations (up 6 percent, to $121.4 million). Even an 18.9 percent decline in second-quarter net income (to $114.5 million) couldn’t rain on Henry Schein’s parade, with the company reporting basic earnings per share of 79 cents, up 9.7 percent from 2Q FY2018.
Notes and Quotes: Absorbing a $2.2 million loss from discontinued operations without breaking stride, the Melville-based global healthcare distributor stormed through its second quarter – and that’s without counting the strong contributions from its former Animal Health business, which the mothership spun off in February to form the new publicly traded company Covetrus. Even “softness” in the North American Dental and Technology/Value-Added Services markets was offset by “solid growth” in Medical and Dental sales in other regions, according to Chairman and CEO Stanley Bergman, who treated the latest record-setting quarter as a ho-hum development for the traditionally strong performer. “We are pleased to deliver solid year-over-year growth in earnings-per-share from continuing operations in the second quarter,” Bergman told investors. “This growth reflects our progress with infrastructure optimization as we position Henry Schein for continued gains in the global Dental and Medical markets.” – GZ
BROADRIDGE FINANCIAL SOLUTIONS
Headquarters: Lake Success
Industry: Finance
NYSE: BR
Reporting Date: Aug. 1, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: June 30, 2019
Numbers: Reported fourth-quarter revenues were $1.21 billion, an 8.3 percent decline from the $1.32 billion reported for the same quarter last fiscal year. Reported quarterly operating income also fell year-over-year – from $266 million to $241 million, a 9.3 percent drop – and diluted earnings per share followed, down from $1.72 in 4Q FY2018 to $1.55.
Notes and Quotes: Despite the subdued fourth quarter, the Lake Success-based data-analytics and investor-communications company posted a winning fiscal year, with total revenues (up six-tenths of a percent, to $4.36 billion), operating income (up 9.1 percent, to $653 million) and diluted EPS (up 14 percent, to $4.06) all reporting gains. Broadridge President and CEO Tim Gokey trumpeted “a strong year” featuring that double-digit EPS growth and progress toward several strategic goals. “A strong fourth quarter powered another year of record Closed Sales, and we made three tuck-in acquisitions that will further strengthen our business,” Gokey, who became CEO in January, told investors. “We expect Fiscal Year 2020 to be another strong year … Broadridge is well on track to meet the three-year objectives through 2020 laid out at our 2017 Investor Day, and we remain well-positioned for medium- and long-term growth.” – GZ
Headquarters: Port Washington
Industry: Consumer services
NYSE: SYX
Reporting Date: July 30, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: June 30, 2019
Numbers: Quarterly net sales were reported as $248.6 million, a 7.5 percent increase from the $231.2 million reported for the same quarter last fiscal year. Second-quarter GAAP operating income was reported as $20 million even, a 9.2 percent year-over-year increase; non-GAAP quarterly operating income was reported as $21.9 million (43 cents per diluted share), up from $18.7 million (36 cents per share) in 2Q FY2018.
Notes and Quotes: With daily sales improving and revenues steaming toward $249 million, the Port Washington-based industrial/tech international distributor “delivered another solid financial performance” in its second quarter, according to CEO Barry Litwin, who noted the first half of FY2019 focused on the execution of a long-term growth strategy that also pays immediate dividends (to wit: net GAAP income from continuing operations is up 13.8 percent over the last six months, to 66 cents per diluted share). Says Litwin: “I’m pleased with our progress and proud of how our associate teams are championing a stronger customer-centric culture across every facet of the company.” – GZ
Headquarters: Melville
Industry: Composites manufacturing
NYSE: PKE
Reporting Date: July 11, 2019
Reporting Quarter: 1Q FY2020
Quarter Ended: June 2, 2019
Numbers: Net quarterly sales were reported as $14.9 million, a 44.6 percent increase from the $10.3 million reported for the same quarter last fiscal year. Net first-quarter earnings were reported as $2.5 million, a 19.3 percent dip from the $3.1 million reported in 1Q FY2019, and basic earnings per share followed – down year-over-year from 16 cents to 13 cents.
Notes & Quotes: While that year-over-year sales increase was certainly handsome and the drop in net earnings is certainly not, the numbers are slightly deceiving for the Melville-based aerospace components manufacturer, which completed the previously reported sale of its Electronics Business to AGC in December. That puts 1Q FY2019 earnings from Electronics in the company’s discontinued operations report and skews the latest quarter’s numbers. The bottom line, according to Chairman and CEO Brian Shore, is that the effects of the sale of the Electronics Business are still being felt, and Park Electrochemical is still establishing its market presence as a full-on aerospace supplier. “I think the sale of the Electronics Business was a big deal, and made a big impact as far as our perception as an aerospace company,” Shore told investors. “That can only help add to the momentum we’re seeing now.” – GZ
Headquarters: Melville
Industry: Capital goods
NYSE: MSM
Reporting Date: July 10, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: June 1, 2019
Numbers: First-quarter net sales were reported as $866.5 million, a 4.6 percent increase over the $828.3 million reported for the same quarter last fiscal year. Reported quarterly operating income declined year-over-year – down 4.2 percent, to $110.5 million – but diluted earnings-per-share inched forward, from $1.39 in 3Q FY2018 to $1.44, a 3.6 percent increase.
Notes and Quotes: Year-to-date net sales (up 6.6 percent year-over year) and operating income (down roughly 1 percent) follow similar patterns, but over the first nine months of FY2019, diluted EPS are down significantly – from $4.51 in FY2018 to $4 even. President and CEO Erik Gershwind lamented a “step-down in demand since April” and admitted the Melville/North Carolina-based tools and supplies distributor’s third-quarter performance “leaves us disappointed.” But all is not lost, according to Gershwind, who trumpeted strong account wins and improved vending applications, and promised company officials were “taking action” in other key areas. “Our team is committed to executing our plan with urgency as we continue our journey to becoming a mission-critical partner on the plant floor,” the CEO told investors. – GZ
Headquarters: Jericho
Industry: Consumer services
Nasdaq: NATH
Reporting Date: June 14, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: March 31, 2019
Numbers: Reported revenues for the fourth quarter were $22.1 million, an 11-percent increase over the $19.9 million reported for the same quarter last fiscal year. Quarterly net income was reported as $2.49 million, light-years better than the $367,000 reported for 4Q FY2018, and earnings per diluted share followed, increasing year-over-year from 9 cents to 59 cents.
Notes & Quotes: While full-year revenues dipped slightly – from $104.2 million in FY2018 to $101.8 million in FY2019 – the strong fourth quarter finished off an impressive fiscal year for the Jericho-based hot dog king. A restructured debt plan and the sale of the company’s Bay Ridge restaurant dramatically affected year-over-year numbers, but the bottom line on Nathan’s FY2019 bottom line was stronger sales and streamlined operations. For the year, net income was reported as $21.4 million, easily eclipsing the $2.63 million net income reported last fiscal year, and earnings per diluted share swelled to $5.09, burying the 62 cents reported for FY2018. Full-year licensing revenues also increased slightly, part of a happy mix that prompted the Nathan’s Board of Directors to increase its fourth-quarter cash dividend by 40 percent. – GZ
Headquarters: Farmingdale
Industry: Healthcare
NYSE: ENZ
Reporting Date: June 10, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: April 30, 2019
Numbers: Total third-quarter revenues were reported as $19.7 million, down 21.8 percent from the $25.2 million reported for the same quarter last fiscal year. Operating expenses were down year-over-year – from $13.5 million to $11.9 million for the same three-month period – and quarterly GAAP net income was $22.3 million (47 cents per share), compared to a GAAP net loss of $3 million (6 cents per share) recorded in 3Q FY2018. But the company’s non-GAAP net loss was $6.7 million (14 cents per share), more than doubling the non-GAAP net loss of $3 million (6 cents per share) recorded in the same quarter last year.
Notes and Quotes: After an off year in fiscal 2018 and a slow start to FY2019, the struggles continue for the Farmingdale-based life-sciences firm. Much of Enzo’s hard times can be pinned on reduced insurance reimbursements, reducing third-quarter clinical-services revenues year-over-year from $17.7 million to $11.7 million and knocking Enzo’s nine-month FY2019 total revenues 23 percent off their FY2018 levels, which were hardly impressive themselves. But a net gain of $28.9 million from successful patent-infringement cases in New York and Delaware, collected during the third quarter, provided a welcome respite, and “Enzo is poised to leverage and capitalize on our deep-rooted, proprietary technology, product-development and intellectual-property portfolio in very real, short-term strategic initiatives,” according to CEO Elazar Rabbani. “We anticipate sequential quarterly improvement and a return to operating profitability in our lab by early calendar 2020.” – GZ
COMTECH TELECOMMUNICATIONS CORP.
Headquarters: Melville
Industry: Technology
Nasdaq: CMTL
Reporting Date: June 5, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: April 30, 2019
Numbers: Net third-quarter sales were reported as $170.4 million, up 15.2 percent from the $147.9 million reported for the same quarter last fiscal year. But quarterly operating income dipped – down 19.1 percent year-over-year, to $11.2 million – and net income followed, falling from $8.21 million in 3Q FY2018 (34 cents per basic and diluted share) to $7.61 million (31 cents per basic and diluted share).
Notes and Quotes: Despite the year-over-year income and earnings slides, President and CEO Fred Kornberg trumpeted “yet another strong showing of outstanding business performance” over the third quarter, continuing a fiscal-year trend that has spiked nine-month net sales to $495.4 million (up 22.9 percent from the first three quarters of FY2018). With a series of key acquisitions completed, including its $33 million absorption of Canadian public-safety-communications specialist Solacom Technologies, the Melville-based advanced-communications ace is in a better position to serve its global client base and looking to grow fast, according to the CEO. “We expect the positive business momentum we are experiencing to continue into fiscal 2020,” Kornberg told investors. “Anchored by our strong backlog, recent acquisitions and expected strong fiscal 2019 finish, fiscal 2020 is looking like it will be a terrific year.” – GZ
LIFETIME BRANDS INC.
Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT
Reporting Date: May 9, 2019
Reporting Quarter: 1Q FY2019
Quarter Ended: March 31, 2019
Numbers: First-quarter net sales were reported as $149.9 million, a 26.9 percent jump from the same quarter last fiscal year. With operational losses greatly reduced – down more than 83 percent from the three months ended March 31, 2018, to $2.2 million – the company cut its quarterly net loss by more than 58 percent year-over-year (down to $4.8 million) and its quarterly loss per common share from 70 cents to 24 cents.
Notes and Quotes: Trumpeting “focused execution, strong end-market demand and market-share gains,” Chief Executive Officer Rob Kay said he was pleased with the first-quarter performance, coming off what was essentially a rebuilding year in fiscal 2018, when the Garden City-based home-goods distributor “built a solid foundation for profitable growth.” With the 2018 acquisition of Filament Brands now in the rear-view and “synergies” from that acquisition starting to bear fruit, Lifetime Brands is predicting solid sales growth over the remainder of this fiscal year – upwards of $750 million, significantly higher than the $704 million reported for FY2018 – and EPS in the high 60-cent range. “We are seeing results from recently implemented strategic initiatives,” Kay told investors. “We remain focused on executing our strategic priorities to continue to deliver growth in 2019.” – GZ
Headquarters: Hauppauge
Industry: Consumer non-durables
Nasdaq: VOXX
Reporting Date: May 14, 2019
Reporting Quarter: 4Q FY2019
Quarter Ended: Feb. 28, 2019
Numbers: Net fourth-quarter sales were reported as $107.4 million, down 12.1 percent from the $122.2 million reported for the same quarter last fiscal year. The company reported a quarterly operating loss of $30.4 million, a quarterly net loss of $36.5 million and a quarterly loss-per-diluted-share of $1.50, down respectively from $4.9 million, $12.5 million and a net earnings-per-diluted-share of 42 cents in 4Q FY2018.
Notes and Quotes: The slogging finish helped weigh down the entire 2019 fiscal year for the consumer electronics giant – net sales were down 11.8 percent (to $446.8 million), operating expenses were up 7.4 percent (to $162.6 million) and shareholders absorbed a full-year loss-per-diluted-share of $1.89, way off the $1.44 EPDS they collected in FY2018. But the Hauppauge-based global distributor emphasized “significant progress” in various restructuring initiatives, including a gradual exit from less-productive product categories and more focus on VOXX’s lucrative Automotive segment sales. Says President and CEO Pat Lavelle: “Our cash position has improved, our balance sheet is strong and as we move into the second half of Fiscal 2020, we feel confident in our ability to generate more consistent profitability on an annual basis, and generate greater shareholder returns.” – GZ
Headquarters: Lake Success
Industry: Consumer non-durables
NASDAQ: HAIN
Reporting Date: May 9, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: March 31, 2019
Numbers: Third-quarter net sales fell roughly 5 percent (to $599.8 million) compared to the same quarter last fiscal year. Quarterly operating income fell 18.4 percent year-over-year, to $23.9 million, and net quarterly income followed, down 60 percent from 3Q FY2018 (to $10.1 million). The good news: The third quarter was strong enough to reverse a $29.3 million net-income loss recorded over the second quarter – and 3Q earnings-per-share (10 cents) were in the red, turning around the 28-cent loss-per-share recorded in 2Q FY2019.
Notes and Quotes: Still fighting its way back from a down FY2018, the Lake Success-based food and personal-care products distributor was “encouraged by our third-quarter financial results,” according to President and CEO Mark Schiller, who trumpeted “sequential performance improvements in many key areas of our business.” Among them: adjusted net-sale increases across the UK and other global markets and the completed sale of the company’s Plainville Farms business. And earlier this month, Hain Celestial entered into a definitive agreement to sell off its equity interest in Hain Pure Protein Corp., a consolidation promising further bottom-line benefits. Says Schiller: “We are on track to achieve our fiscal year 2019 outlook. Our team is in the early innings of executing on our transformational strategic plan … we remain committed to delivering consistency in our operational and financial results to drive long-term shareholder value.” – GZ
Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC
Reporting Date: May 7, 2019
Reporting Quarter: 1Q FY2019
Quarter Ended: March 30, 2019
Numbers: Net first-quarter sales were reported as $2.36 billion, a 3.9 percent increase from the $2.27 billion reported for 1Q FY2018. But a $9 million loss from discontinued operations, a $5 million loss attributable to noncontrolling interests, a $39 million income-tax bill and other factors robbed some of Henry Schein’s bottom-line luster, with quarterly net income dropping nearly 22 percent year-over-year (to $109.7 million) and first-quarter earnings-per-share following (down 7.5 percent, to 73 cents).
Notes and Quotes: A minor tweak of its full-fiscal-year EPS guidance (raised from $3.38-$3.46 to $3.38-$3.50) shows the Melville-based global distributor is hardly panicking after its “off” quarter. In fact, it’s business-as-usual for one of Long Island’s most consistent public companies, with Chairman and CEO Stanley Bergman heralding significant progress on Henry Schein’s 2018-2020 strategic plan. Calling FY2019 “a transition year” as the distributor divests from its former Animal Health business, Bergman reinforced the company’s commitment to delivering “the broadest array of products and services, along with innovative technology that expands our value-added solutions,” to customers around the world. “Throughout this transition, we believe we gained market share in both our global Dental and Medical businesses,” the CEO told investors. “We are confident that Henry Schein is well-positioned for operational success over the long-term.” – GZ
Headquarters: Medford
Industry: Healthcare
Nasdaq: CEMI
Reporting Date: May 1, 2019
Reporting Quarter: 1Q FY2019
Quarter Ended: March 31, 2019
Numbers: Total first-quarter revenues were reported as $8.3 million, a 7.7 percent increase from the $7.1 million reported for the same three months last year. But an operational loss exceeding $3 million – nearly five times the $654,318 loss reported for the same quarter last fiscal year – led to a net loss of $2.8 million (16 cents per share), compared to a net loss of 5 cents per share in 1Q FY2018.
Notes & Quotes: Despite the bruising bottom line, the news is mostly good for the Medford-based point-of-care diagnostics specialist. The bulk of the net loss comes from the company’s $5.5 million acquisition of German company opTricon GmbH, one of “a number of accomplishments that demonstrate execution across the business,” according to CEO John Sperzel III. Pursuing new point-of-care concussion tests with Connecticut-based Perseus Science Group and still celebrating recent Brazilian regulatory approvals for its zika and dengue fever field tests, Chembio has commenced production of its PoC tests on a fully automated manufacturing line and is ready to rock, according to its CEO. “We look forward to building upon our momentum and are confident we will continue to execute across the business,” Sperzel told investors. – GZ
Headquarters: Carle Place
Industry: Consumer services
Nasdaq: FLWS
Reporting Date: May 1, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: March 31, 2019
Numbers: Third-quarter net revenues were reported as $248.4 million, a 4.1 percent increase from the $238.5 million reported for the same quarter last fiscal year. But the company reported a quarterly net loss of $8.2 million (13 cents per share), virtually matching the net loss of $8.5 million (also 13 cents per share) reported for 3Q FY2018.
Notes and Quotes: Easter falling in the fiscal fourth quarter dented year-over-year revenues (it landed in 3Q FY2018), but the Carle Place-based e-retail giant still posted strong third-quarter revenues (Valentine’s Day always helps). The company pinned the net loss on “investments to drive accelerated revenue growth” and its commitment to a fiscal 2019 bonus plan – and is in prime position to finish the fiscal year strong, according to CEO Chris McCann. “The investments we have been making in the 1-800-Flowers.com brand throughout the year enabled us to further extend our market-leading position during the quarter, achieving growth of nearly 7 percent,” the chief executive told investors. “As we head into our fiscal fourth quarter, which will benefit from the Easter shift, we are well-positioned to continue our strong growth momentum and further enhance our position as our customers’ leading destination to help them express, connect and celebrate.” – GZ
NEW YORK COMMUNITY BANCORP INC.
Headquarters: Westbury
Industry: Finance
NYSE: NYCB
Reporting Date: April 30, 2019
Reporting Quarter: 1Q FY2019
Quarter Ended: March 31, 2019
Numbers: Net income reported for the first quarter of 2019 was $97.6 million, down 8.4 percent from the $106.6 million reported for the same quarter last fiscal year. Net earnings were reported as $89.4 million (19 cents per common share), down 9 percent from the $98.3 million reported for 1Q FY2018.
Notes & Quotes: Coming off a 2018 fiscal year in which shifting regulatory requirements dented an otherwise solid bottom line, Long Island’s largest bank got off to “a good start” in FY2019, according to President and Chief Executive Joseph Ficalora, who said the 1Q performance was bolstered by “continued growth in our loan portfolio, strong deposit inflows, solid asset quality and a further reduction in our operating expenses.” With the bank redeploying its cash into higher-yielding assets (such as investment securities), selling off its wealth-management subsidiary Peter B. Cannell & Co. (sale completed in the first quarter) and still riding high on a wave of new deposits (annual growth of $1.7 billion in FY2018, a trend that continued in the first quarter), things are looking up for the remainder of the year. “We continue to focus on further reducing our expense base in 2019,” the CEO told investors. – GZ
Headquarters: Melville
Industry: Capital goods
NYSE: MSM
Reporting Date: April 10, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: March 31, 2019
Numbers: Net second-quarter sales were reported as $823 million, a 7 percent increase over the $769 million reported for the same quarter last fiscal year. However, quarterly net income declined sharply year-over-year, down 41.8 percent to $68.4 million, and diluted earnings per share followed, dropping 39.8 percent to $1.24.
Notes and Quotes: Declining government markets – which the Melville/North Carolina-based tools and supplies distributor had factored into its quarterly outlook – and a February-March “moderation” in market conditions sapped the 2Q bottom line. But President and CEO Erik Gershwind was hardly glum about it, noting a “generally solid” industrial economy and second-quarter “core and national account customer growth in the … high single digits.” Although the company’s growth rate was “slightly below our expectations,” shareholders can expect better things over the second half of FY2019, as a years-long repositioning of MSC Industrial from a spot-buy supplier to a mission-critical manufacturing partner comes to fruition. Says Gershwind: “We are seeing positive signs from the implementation of our strategic plan … and are confident that it will deliver above-market growth.”– GZ
Headquarters: Great River
Industry: Management services
NYSE: NRCG
Reporting Date: March 18, 2019
Reporting Quarter: 4Q FY2018
Quarter Ended: Dec. 31, 2018
Numbers: Fourth-quarter revenues were reported as $107.2 million, up 15.2 percent from the $93 million reported for the same quarter last fiscal year. But operating expenses (up 17.7 percent, to $73.7 million) and general/administrative expenses (up 31.7 percent, to $13.7 million) both rose sharply year-over-year, fueling a quarterly net loss of $45.8 million (negative $1.83 per share) – miles off the $7.7 million profit (35 cents per share) reported for 4Q FY2017.
Notes and Quotes: The Great River-based provider of global environmental, compliance and waste-management services pinned the loss on one-time costs associated with going public, as NRC did in 2018, when the private equity firm J.F. Lehman & Co. sold NRC Group Holdings to publicly traded Hennessy Capital Acquisition Corp. III. Scratch those expenses, and the fourth quarter was rock solid, with adjusted income in the black ($2.2 million, 9 cents per share). The same goes for NRC’s full-year numbers – a robust 30 percent revenue increase (to $360.2 million) and a $47.4 million net loss that, similarly corrected, was actually a $5.7 million profit. With the company recently completing several strategic acquisitions, Chief Executive Officer Chris Swinbank has cause for optimism in FY2019: “We ended 2018 on a strong note, capping a very transformative year for our company,” the CEO told investors. “Looking ahead to 2019, we anticipate continuing the momentum we started in 2018 and expect to drive strong organic revenue.” – GZ
Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT
Reporting Date: March 14, 2019
Reporting Quarter: 4Q FY2018
Quarter Ended: Dec. 31, 2018
Numbers: Consolidated net sales for the fourth quarter were reported as $228.3 million, a healthy 24.9 percent increase from the $182.8 million reported for the same quarter last fiscal year. Quarterly net income also spiked, reported as $10 million even (49 cents per diluted share), dwarfing the $1.3 million (8 cents per diluted share) reported for 4Q FY2017.
Notes and Quotes: Unfortunately for the Garden City-based home-goods distributor, the good news stops there. Though full-year consolidated net sales jumped a handsome 21.6 percent (to $704.5 million), the company posted a full-year net loss of $1.7 million (9 cents per diluted share), light-years off the $2.2 million gain (14 cents per share) it posted in FY2017. Chief Executive Officer Rob Kay cited Brexit and lagging North American sales – due to “stocking levels and inventory-management decisions by customers” – as the primary culprits, but noted several “strategic accomplishments achieved in 2018” (including a reorganization of the company’s European operations and “meaningful cost reduction across the organization”) as signs of hope. Says Kay: “The early results we are seeing in 2019 are positive, reflecting both a normalization of customer ordering behavior and promising performance of some of our newer products.” – GZ
ENZO BIOCHEM INC.
Headquarters: Farmingdale
Industry: Healthcare
NYSE: ENZ
Reporting Date: March 11, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: Jan. 31, 2019
Numbers: Total second-quarter revenues were reported as $19.3 million, down 26 percent from the $26.1 million reported for the same quarter last fiscal year. The GAAP and non-GAAP quarterly net loss was reported as $8.4 million (18 cents per share), compared to a GAAP net loss of $900,000 (2 cents per share) and a non-GAAP net loss of $2 million (4 cents per share) reported for 2Q FY2018.
Notes and Quotes: Coming off a down 2018 fiscal year and a slogging first quarter, the Farmingdale-based life-sciences firm continued to scuffle in its 2Q FY2019 (especially hard hit were clinical-services revenues, with the company identifying reduced insurance reimbursements, increased competition and “testing denials” as the main culprits). The company’s half-year totals were equally uninspired – total revenues down 23.3. percent (to $40.6 million) and a GAAP/non-GAAP net loss of $14.4 million (30 cents per share) – but “Enzo’s position as the leading independent clinical laboratory serving the important metropolitan New York-New Jersey-Connecticut market … remains intact,” according to President Barry Weiner. “We continue to focus relentlessly on our strategic program to provide lower-cost, highly efficient and effective platforms and reagents to offset today’s reimbursement challenges,” Weiner told investors. “We also are taking steps to aggressively expand marketing and sales to reach a wider customer base, to maintain the high service standards for which we are known and to control those aspects of our business that are within our reach to achieve improved results.” – GZ
COMTECH TELECOMMUNICATIONS CORP.
Headquarters: Melville
Industry: Technology
Nasdaq: CMTL
Reporting Date: March 6, 2018
Reporting Quarter: 2Q FY2019
Quarter Ended: January 31, 2019
Numbers: Net second-quarter sales were reported as $164.1 million, up 22.7 percent from the $133.7 million reported for the same quarter last fiscal year. Quarterly operating income also spiked – up 154 percent year-over-year, to $12.4 million – but net income dropped more than 50 percent year-over-year (from $15.7 million to $7.8 million) and diluted quarterly income per share followed, falling to 32 cents, down from 66 cents in 2Q FY2018.
Notes and Quotes: With a one-time tax benefit pumping up Comtech’s 2Q FY2018 totals (leading to that unsightly and misleading year-over-year drop in net income and per-share earnings), the company “exceeded our expectations on almost every front” in this fiscal year’s second quarter, according to President and CEO Fred Kornberg. In fact, the Melville-based advanced-communications leader scored several victories in its strong quarter, including $11.9 million in orders for cybersecurity training solutions, a U.S. Navy order for $11.6 million in satellite modems and a host of other strategic contracts – all while moving the ball forward on its $33 million acquisition of Canadian public-safety-communications specialist Solacom Technologies. Says Kornberg: “I am very excited about the closing of our strategic acquisition of Solacom, as it allows us to further participate in the safety and security markets which we believe are at growth inflection points.” – GZ
Headquarters: Port Washington
Industry: Consumer services
NYSE: SYX
Reporting Date: Feb. 26, 2019
Reporting Quarter: 4Q FY2018
Quarter Ended: Dec. 31, 2018
Numbers: Reported fourth-quarter net sales were $217.7 million, up 11.9 percent from the $194.5 million reported for the same quarter last fiscal year. Reported fourth-quarter operating income also increased year-over-year, from $11.2 million to $13.9 million, though net income from continuing operations (down more than 62 percent, to $12.3 million) and net income per diluted share from continuing operations (down 33.3 percent, to 80 cents) both tanked.
Notes and Quotes: Systemax credited a one-time, $21.8 million tax benefit with inflating 4Q FY2017’s numbers, thereby robbing a fairly impressive 4Q FY2018 of some well-earned luster. Actually, the strong stretch run capped off an impressive year for the Port Washington-based industrial/tech international distributor, which racked up an annual consolidated sales increase of 13.3 percent (to $896.9 million). Yes, that pesky eight-digit tax break skewed the annual net income-per-share ($1.31, a misleading 24.7 percent decline), but Systemax actually made up some of the difference with a $4.62 net income per diluted share from discontinued operations, stemming largely from the sale of the company’s France business. Says new CEO Barry Litwin, who took over in January: “Our ability to deliver a personalized, digital, end-to-end and high-touch sales and customer experience, offer an innovative product and service assortment, and be a rich destination for industrial products and MRO knowledge, service and support provide the foundation for our continued success.” – GZ
Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC
Reporting Date: Feb. 20, 2019
Reporting Quarter: 4Q FY2018
Quarter Ended: Dec. 29, 2018
Numbers: Net fourth-quarter sales were reported as $3.4 billion, up 1.7 percent from the $3.31 billion reported for the same quarter last fiscal year. Non-GAAP net income for the fourth quarter was reported as $171.6 million ($1.12 per diluted share), up 12.8 percent from the non-GAAP net income of $152.1 million (97 cents per diluted share) reported for 4Q FY2017.
Notes and Quotes: Noting a “historic year” for the Melville-based global distributor, and some impressive headway on the company’s 2018-2020 strategic plan, Chairman and CEO Stanley Bergman trumpeted several achievements over the course of the recently completed fiscal year, including the launch of the Henry Schein One dental technology business, the spinoff of the company’s animal-health business and other restructuring efforts that are “strategically positioning Henry Schein for continued success.” Among the full-year accolades: record net sales of $13.2 billion (up 5.9 percent over FY2017) and non-GAAP net income of $635.3 million ($4.13 per diluted share), up 11.4 percent (and 14.7 percent in earnings-per-share) year-over-year. Expect more of the same in the new fiscal year, according to Bergman: “We believe the long-term business opportunities remain attractive in the global markets for dental and medical offices, as well as alternate sites of care.” – GZ
Headquarters: Lake Success
Industry: Consumer non-durables
NASDAQ: HAIN
Reporting Date: Feb. 7, 2019
Reporting Quarter: 2Q FY2019
Quarter Ended: Dec. 31, 2018
Numbers: Second-quarter net sales were reported as $584.2 million, down 5 percent from the $614 million reported for the same quarter last fiscal year. The company reported a quarterly operational loss of $15.4 million, compared to an operating income of $31 million a year ago, and a loss per diluted share of 28 cents, compared to earnings per diluted share of 41 cents in 2Q FY2018.
Notes and Quotes: After limping through its first quarter (net sales and earnings-per-share both down year-over-year), the Lake Success-based food and personal-care products distributor continued its negative ways over its second quarter of FY2019 – much to the chagrin of President and CEO Mark Schiller, who is “not satisfied with our near-term performance.” To that end, Schiller et al are “creating a new strategic direction to take Hain Celestial to the next level of performance,” including “[simplifying] our business” to focus more resources on high-reward opportunities. Says the CEO: “We are working diligently to restore profitable growth in the United States, while continuing our profit momentum in the United Kingdom and Europe. We believe we have a core set of high-margin brands, with mainstream potential, competing in fast-growing categories.” – GZ
Headquarters: Jericho
Industry: Consumer services
Nasdaq: NATH
Reporting Date: Feb. 1, 2019
Reporting Quarter: 3Q FY2019
Quarter Ended: Dec. 23, 2018
Numbers: Reported revenues for the third quarter were $20.2 million, down 8.2 percent from the $22 million reported for the same quarter last fiscal year. But net quarterly income was a healthy $9.72 million – towering over the net loss of $3.77 million reported a year ago – and reported earnings per diluted share were $2.30, compared to a 90-cent loss per diluted share in 3Q FY2018.
Notes & Quotes: With licensing royalty income rising (up 4.6 percent year-over-year for the first three quarters of the fiscal year, eclipsing $18.1 million) and Nathan’s Famous reaping the benefits of the $10.8 million sale of its Bay Ridge restaurant (soon to become a middle school), the Jericho-based hot dog king overcame “unfavorable weather conditions” in the Northeast – at least, enough to reverse a truly dismal third quarter from a year ago, when a government-note refinancing (and other factors) took an $8.8 million bite out of the bottom line. Further good news for investors: another 25-cent-per-share quarterly cash dividend, coming March 22. – GZ
NEW YORK COMMUNITY BANCORP INC.
Headquarters: Westbury
Industry: Finance
NYSE: NYCB
Reporting Date: Jan. 30, 2019
Reporting Quarter: 4Q FY2018
Quarter Ended: Dec. 31, 2018
Numbers: Net income for the fourth quarter of 2018 was reported as $101.7 million, down 25.4 percent from the $136.5 million reported for the same quarter last fiscal year. Diluted quarterly earnings per common share were reported as 19 cents, down 26.9 percent from the 26 cents per share reported for 4Q FY2017.
Notes & Quotes: The fourth quarter continued, if slowed, a steady income decline – that quarterly net income of $101.7 million was down only $5 million from reported third-quarter net income – but the recently completed fiscal year was actually a strong one for Long Island’s largest bank, according to President and Chief Executive Joseph Ficalora. Annual net income did drop (to $422.4 million, from $466.2 million at the end of FY2018), but “our fourth-quarter and full-year 2018 performance largely reflects the successful execution of the strategy we put into place in late 2017,” noted Ficalora, who trumpeted several proactive steps NYCB took last fiscal year, in the face of shifting regulatory requirements: “In 2018, we grew our balance sheet by originating loans with higher coupons, we redeployed over $2 billion of cash … into higher-yielding investment securities and we reduced our expense base by a significant amount.” – GZ
Headquarters: Hauppauge
Industry: Consumer non-durables
Nasdaq: VOXX
Reporting Date: Jan. 9, 2018
Reporting Quarter: 3Q FY2019
Quarter Ended: Nov. 30, 2018
Numbers: Net third-quarter sales were reported as $129.6 million, down 17.2 percent from the $156.6 million reported for the same quarter last fiscal year. But quarterly operating income was reported as $5.7 million – up 1.78 percent year-over-year, from $5.6 million – and quarterly net income was reported as $10.6 million, up 41.3 percent from the $7.5 million reported for 3Q FY2018.
Notes and Quotes: With third-quarter earnings-per-share hitting 50 cents (up from 35 cents in the same quarter last year), the Hauppauge-based consumer electronics giant was quick to note certain dampers on those 3Q FY2018 numbers, particularly losses stemming from discontinued operations. But the healthier bottom line isn’t all about last year’s relatively sour numbers; President and CEO Pat Lavelle noted gains from corporate efforts to lower gross margins and reduce expenses – and said “aggressive actions” in Voxx International’s Consumer Accessories and Premium Auto segments would soon beef up those lagging sales numbers. “We are focusing R&D resources to develop unique product solutions that will help VOXX expand sales in new and growing categories,” Lavelle told investors. “All of us at VOXX … are focused on doing what is necessary to improve shareholder value.” – GZ
Headquarters: Melville
Industry: Capital goods
NYSE: MSM
Reporting Date: Jan. 9, 2018
Reporting Quarter: 1Q FY2019
Quarter Ended: Dec. 1, 2018
Numbers: Net first-quarter sales were reported as $831.6 million, an 8.2 percent improvement over the $768.6 million reported for the same quarter last fiscal year. Quarterly net income was reported as $74.2 million, a 24.6 percent increase from the $59.6 million reported for 1Q FY2018, while quarterly diluted earnings-per-share rose 26.7 percent year-over, from $1.05 to $1.33.
Notes and Quotes: Following an impressive 2018 fiscal year, in which the Melville/North Carolina-based tools and supplies distributor surpassed $3 billion in net sales and posted a 42 percent spike in annual net income, MSC Industrial Supply Co. kept the momentum rolling in the first quarter of FY2019. President and CEO Erik Gershwind lamented “weakness in government” but credited an industrial economy strong enough to withstand “potential economic and trade overhangs and the government shutdown,” and said the company was expecting to gain speed through the year as it adjusts to recent supplier price increases. “We anticipate implementing a meaningful price increase later in our fiscal second quarter,” Gershwind told investors. “This price increase, coupled with increasing traction from our sales transformation efforts, drives our expectation of significantly higher operating margins in the second half of the fiscal year.” – GZ
Headquarters: Ronkonkoma
Industry: Healthcare
Nasdaq: LAKE
Reporting Date: Dec. 17, 2018
Reporting Quarter: 3Q FY2019
Quarter Ended: Oct. 31, 2018
Numbers: Net sales for the third quarter were reported as $24 million, unchanged from the same quarter last fiscal year. Quarterly net income dropped 72.2 percent year-over-year – from $1.8 million in 3Q FY2018 to $500,000 this year – but since the beginning of FY2019, the company’s total debt is down more than 12 percent (to $1.5 million).
Notes and Quotes: With operating expenses on the rise (up roughly $1 million over 3Q FY2018) and cash-on-hand down more than $4 million since the beginning of the fiscal year, President and CEO Christopher Ryan continued to lay the bottom-line blame on the implementation of the protective-gear specialist’s new Enterprise Resource Planning system, which “was expected to require significant effort and expense as well as lead to operational issues … but the challenges exceeded what we had anticipated.” As a result, orders are being pulled and inventory remains bloated – though the new ERP system will ultimately result in improved information, operational agility and inventory management, according to Ryan. “The global market for personal protective apparel is strong and the Lakeland brand has been gaining momentum,” the CEO told investors. “As we work through the next six months until our ERP implementation and training has been completed, we are excited by our prospects for top- and bottom-line growth.” – GZ
Headquarters: Stony Brook
Industry: Biotechnology
Nasdaq: APDN
Reporting Date: Dec. 13, 2018
Reporting Quarter: 4Q FY2018
Quarter Ended: Sept. 30, 2018
Numbers: Reported fourth-quarter revenues were $1.2 million, a roughly 9 percent increase over the $1.1 million reported for the same quarter last fiscal year. Quarterly operating expenses increased 18.9 percent year-over-year, from $3.7 million to $4.4 million, while the company’s reported net loss also increased compared to 4Q FY2017, from $2.9 million (10 cents per share) to $3.5 million (12 cents per share).
Notes and Quotes: Despite several aggressive lunges into numerous vertical markets, this was a down year for the Stony Brook-based biotech, which reported total FY2018 revenues of $3.9 million, an 18.7 percent decline from the $4.8 million reported for FY2017 attributed to soft returns in the company’s critical textiles markets. However, Applied DNA actually reduced its year-over-over net loss – the FY2018 net loss of $11.7 million (40 cents per share) was considerably better than the $12.9 million (49 cents per share) reported lost in FY2017. All told, the 2018 bottom line “reflects execution on pre-commercial sales and business-development initiatives to sow new revenue streams by leveraging our proven DNA taggant technology platform and capitalizing on secular industry trends emphasizing supply chain security, sustainability and traceability all along the value chain,” according to CEO James Hayward. – GZ
Headquarters: Farmingdale
Industry: Healthcare
NYSE: ENZ
Reporting Date: Dec. 11, 2018
Reporting Quarter: 1Q FY2019
Quarter Ended: Oct. 31, 2018
Numbers: Total first-quarter revenues were reported as $21.3 million, down 20.8 percent from the $26.9 million reported for the same quarter last fiscal year. With quarterly operating expenses rising 8.3 percent year-over-year – from $12 million last year to $13 million in 1Q FY2019 – Enzo Biochem reported both a GAAP and non-GAAP net loss of $6 million, a 900 percent freefall from the quarterly $600,000 GAAP and non-GAAP net loss reported a year ago.
Notes and Quotes: Following a 2018 fiscal year in which it posted a 2.8 decline in annual revenues and GAAP and non-GAAP net losses of $10.3 million and $11.4 million, respectively, the Farmingdale-based life-sciences firm stumbled out of the gate in FY2019. Despite the fiscal tumult, “Enzo’s strategy to provide low-cost, efficient and high-capacity diagnostic solutions has become even more important and critical for an industry being challenged to maintain high quality services,” according to President Barry Weiner, who trumpeted a “new paradigm” that includes tighter billing and client-service practices, new reference-laboratory services and new sales pros in key geographic locations. “Enzo is moving quickly to capitalize on opportunities that lie ahead,” Weiner told investors. – GZ
Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC
Reporting Date: Nov. 6, 2018
Reporting Quarter: 3Q FY2018
Quarter Ended: Sept. 29, 2018
Numbers: Reported net sales for the third quarter were $3.27 billion, up 3.8 percent from the $3.16 billion reported for the third quarter of last fiscal year. Net quarterly income was reported as $121.4 million (79 cents per diluted share), down 12 percent from the $138 million (and 9.2 percent from the 87 cents per diluted share) reported for 3Q FY2017.
Notes and Quotes: Despite the not-insignificant declines in quarterly net income and earnings per diluted share, Chairman and CEO Stanley Bergman said company officials were “pleased with our third-quarter financial results, which demonstrate solid growth in each of our business groups.” Among the leaps and bounds: a 2.4 percent increase in the Melville-based distributor’s Dental business (to $1.5 billion), a 1.9 percent increase in Animal Health sales (to $899.3 million), a 4.5 percent increase in Medical sales (to $721.9 million) and a healthy 32 percent spike in Technology and Value-Added Services business (to $143.9 million). Bergman et al also trumpeted net sales for the first nine months of 2018 of $9.8 billion, up 7.5 percent over the first nine months of FY2017. Says the CEO: “We believe there are exciting opportunities ahead for Henry Schein’s businesses as we execute on our strategic goals.” – GZ
Headquarters: Lake Success
Industry: Consumer non-durables
NASDAQ: HAIN
Reporting Date: Nov. 8, 2018
Reporting Quarter: 1Q FY2019
Quarter Ended: Sept. 30, 2018
Numbers: Net first-quarter sales were reported as $560.8 million, down 4.8 percent from the $589.2 million reported for the same quarter last fiscal year. The company recorded a quarterly operating loss of $24.1 million and a quarterly net loss of $23.1 million – compared to operating income of $29.2 million and adjusted net income of $9.7 million in 1Q Fy2017 – and an adjusted earnings per share of 9 cents, down 55 percent from the 20 cents adjusted EPS reported for the same quarter last year.
Notes and Quotes: “Production challenges” and poor performances by Hain Celestial’s Pantry and Better-For-You Snacks platforms definitely robbed the company of some first-quarter steam. But the Lake Success-based food and personal-care products distributor reported strong growth in its Pure Personal Care platform, and U.S. net sales were definitely impacted by a decision to end support for certain lower-margin products – a difficult (and previously disclosed) call that will pay off in the long run, according to company officials, who were confident enough to reiterate annual guidance predicting a 2- to 4-percent increase in net sales and a full-fiscal-year increase of as much as 19 percent in adjusted earnings per share. Says President and CEO Mark Schiller: “We have an incredible opportunity to … further build consumer awareness and access to our organic, natural and Better-For-You brands. I am eager to work with our entire team to further integrate our global operations to achieve sustainable sales growth and cost-savings synergies and deliver long-term value for our stockholders.” – GZ
Headquarters: Melville
Industry: Capital goods
NYSE: MSM
Reporting Date: Oct. 30, 2018
Reporting Quarter: 4Q FY2018
Quarter Ended: Sept. 1, 2018
Numbers: Net fourth-quarter sales were reported as $838 million, an 11.2 percent improvement over the $753.8 million reported for the same quarter last fiscal year. Quarterly net income was reported as $73 million, a 20.2 percent year-over-year jump from $60.7 million, while diluted earnings per share weighed in at $1.29, a healthy 20.6 percent spike over the $1.07 reported for 4Q FY2017.
Notes and Quotes: Following a strong performance in FY2017, the Melville/North Carolina-based tools and supplies distributor had every reason to be excited about this fiscal year, and MSC Industrial Supply Co. didn’t disappoint, running up a 10.9 percent increase in annual net sales (surpassing $3.2 billion), a 42.3 percent vault in annual net income (to $329.2 million) and an impressive 43.2 percent improvement in diluted EPS (to $5.80). President and CEO Erik Gershwind trumpeted a number of positive developments for the international distributor, topped by the April 2018 acquisition of AIS, a value-added production fastener distributor – and the best is yet to come, according to the CEO. Says Gershwind: “We are beginning to see positive results from our actions and expect stronger growth levels over the next couple of quarters. Overall, there is a building excitement and confidence in our plan.” – GZ
Headquarters: Farmingdale
Industry: Healthcare
NYSE: ENZ
Reporting Date: Oct. 16, 2018
Reporting Quarter: 4Q FY2018
Quarter Ended: July 31, 2018
Numbers: Total fourth-quarter revenues were reported as $24.5 million, down 13.1 percent from the $28.2 million reported for the same quarter last fiscal year. With quarterly operating expenses rising 19.3 percent year-over-year – from $12.9 million last year to $15.4 million in 4Q FY2018 – Enzo Biochem reported both a GAAP and non-GAAP net loss of $5.8 million, after reporting a break-even fourth quarter in FY2017. Reported net loss per share was 12 cents, about 140 percent worse than the 5 cents per share reported last fourth quarter.
Notes and Quotes: The Farmingdale-based life-sciences firm didn’t fare much better over its full 2018 fiscal year, reporting a 2.8 percent decline in annual revenues (to $104.7 million) and GAAP and non-GAAP net losses of $10.3 million and $11.4 million, respectively, way worse than the $2.5 million net loss recorded a year ago. There were many culprits – lower royalty fees and insurance reimbursements, expiring agreements, even a patent-infringement lawsuit driving up legal expenses. But Enzo has made progress with its molecular amplification and immunohistochemistry platforms; the New York State Department of Health recently approved three additional infectious-disease diagnostic assays for the women’s-health focused AMPIPROBE platform; and things are busy enough to justify a 36,000-square-foot expansion in Farmingdale, coming soon. Noting a year of “solid progress in our strategic plan,” President Barry Weiner predicted brighter bottom lines ahead: “We believe … over the next year, the company will look very different than it does today, with an anticipated return to revenue and margin growth.” – GZ
Headquarters: Hauppauge
Industry: Consumer non-durables
Nasdaq: VOXX
Reporting Date: Oct. 10, 2018
Reporting Quarter: 2Q FY2019
Quarter Ended: Aug. 31, 2018
Numbers: Net sales for the second quarter were reported as $108.9 million, down 4.1 percent from the $113.5 million reported for the same quarter last fiscal year. The company reported a quarterly net loss from continuing operations of $22.5 million, about 13.6 percent off the continuing-operations net loss of $19.8 million reported for 2Q FY2018, and a total quarterly net loss of $20.8 million – way off the $17.1 million in net earnings reported for the same quarter last year.
Notes and Quotes: Despite those declining sales and a diluted loss-per-share of 85 cents – a 218-percent nosedive from the 71 cents-per-share earnings reported for 2Q FY2018 – not all of the news was tragic. President and CEO Pat Lavelle trumpeted several positive developments for the Hauppauge-based consumer electronics giant, including a 22 percent sales spike in the company’s Automotive business, the consolidation of two German divisions into one company and a restructuring of Voxx International’s Domestic Retail Accessory Group, “focused on higher volume and higher margin product lines,” according to the CEO. Says Lavelle: “We expect to be profitable in the second half of our fiscal year, with additional savings to materialize as we realign and strengthen our foundation with the long term in mind.” – GZ
Headquarters: Melville
Industry: Composites manufacturing
NYSE: PKE
Reporting Date: Oct. 4, 2018
Reporting Quarter: 2Q FY2019
Quarter Ended: Aug. 26, 2018
Numbers: Net quarterly sales were reported as $11.21 million, down 1.3 percent from the $11.35 million reported for the same quarter last fiscal year. Net second-quarter earnings were reported as $1.82 million, up more than 123 percent from the $816,000 reported for 2Q FY2018. Diluted earnings per share for the second quarter was 9 cents, up year-over-year from 4 cents per share.
Notes & Quotes: While year-over-year-net sales were down, the aerospace-heavy electronics and components manufacturer noted a slight quarter-over-quarter sales uptick (up 7.89 percent from the $10.39 million in net sales reported for 1Q FY2019, ended May 27). With those healthy gains in second-quarter earnings and diluted earnings per share – and six-month net earnings showing similar promise, bolstered nicely by a one-time Tax Cuts and Jobs Act benefit to shoot up 98 percent – Chairman and CEO Brian Shore had plenty of reasons to be positive. Among them: the $145 million sale of Park Electrochemical’s Electronics Business to Japanese manufacturer AGC Inc., which was announced midway through the second quarter. The transaction might not officially close until December or January (Shore cited slow regulatory reviews), but it’s still “a good thing, according to the CEO. “I feel that it’s a very good company, AGC, a very fine company,” Shore told investors. “I think it’s a good result all the way around.” – GZ
COMTECH TELECOMMUNICATIONS CORP.
Headquarters: Melville
Industry: Technology
Nasdaq: CMTL
Reporting Date: Sept. 26, 2017
Reporting Quarter: 4Q FY2018
Quarter Ended: July 31, 2018
Numbers: Net sales for the fourth quarter were reported as $167.4 million, a 13.2 percent increase over the $147.8 million reported for the same quarter last fiscal year. Net income was reported as $7.45 million (31 cents per diluted share), up roughly 2 percent from the $7.31 million (also 31 cents per diluted share) reported for 4Q FY2017.
Notes and Quotes: With full-year net sales (up roughly 3.6 percent year-over-year, to $570.5 million) and full-year net income (up a chunky 88.1 percent, to $29.7 million, or $1.24 per diluted share) showing impressive gains, CEO Fred Kornberg “could not be more pleased with our fourth-quarter and Fiscal 2018 performance,” which featured the third straight year of overall revenue growth, a number of new strategic contracts (including nearly $100 million in new U.S. Army deals) and a record-high backlog (exceeding $630 million) at the end of the fiscal year. Targeting upwards of $600 million in FY2019 sales, Comtech enters its new fiscal year with “strong business momentum in each of our two operating segments,” Kornberg told investors. “I believe we are well-positioned for Fiscal 2019 to be another successful year.” – GZ
Headquarters: Ronkonkoma
Industry: Healthcare
Nasdaq: LAKE
Reporting Date: Sept. 10, 2018
Reporting Quarter: 2Q FY2019
Quarter Ended: July 31, 2018
Numbers: Net sales for the second quarter were reported as $25.6 million, a 7.1 percent increase from the $23.9 million reported for the same quarter last fiscal year. Quarterly net income dropped year-over-year – from $1.8 million in 2Q FY2018 to $1 million this year – but since the beginning of FY2019, the company’s total debt is down more than 12 percent (to $1.5 million) and stockholder equity is up better than 3 percent (to $85.4 million).
Notes and Quotes: With year-over-year sales improving at an even faster clip than they did in the first quarter (when sales spiked 6 percent over their FY2018 levels), President and CEO Christopher Ryan credited the implementation of the initial stage of an Enterprise Resource Planning system that’s “part of a larger digital transformation that is expected to improve our long-term financial performance and competitiveness on a global scale.” The CEO also touted an e-commerce strategy featuring sales and distribution on Amazon.com as “an important extension” of the Ronkonkoma-based protective-clothing manufacturer’s plans for “long-term revenue growth and customer diversification.” Says Ryan: “We have been incredibly busy and made significant headway on all strategic fronts … we are rapidly implementing our long-term growth strategies and are well-positioned to further improve top- and bottom-line results.” – GZ
Headquarters: Farmingdale
Industry: Medical technology
Nasdaq: MSON
Reporting Date: Sept. 5, 2018
Reporting Quarter: 4Q FY2018
Quarter Ended: June 30, 2018
Numbers: Total fourth-quarter sales (combining Consumables and Equipment sales) were reported as $8.6 million, an 8.86 percent increase from the $7.9 million in total combined sales reported for 4Q FY2017. For the entire 2018 fiscal year, also ended June 30, total combined sales were reported as $36.7 million, an impressive 34.4 percent jump over the $27.3 million in total combined sales reported for FY2017.
Notes and Quotes: While fourth-quarter and full-year sales were robust – “the conclusion of another year of significant company-wide improvements and growth,” according to President and CEO Stavros Vizirgianakis – they weren’t strong enough to stop the Farmingdale-based med-tech maker from posting a dramatic $7.6 million net loss for its fiscal year, significantly worse than the $1.7 million it reportedly lost over the course of FY2017. But with gross profits marginally rising and its EBITDA looking healthy, Vizirgianakis trumpeted “the ongoing and successful execution of our strategies to aggressively expand our leading ultrasonic medical device platform,” and predicted brighter bottom lines to come: “Misonix has a solid foundation to continue pursuing a range of near- and long-term growth opportunities that we are confident will deliver enhanced returns for our shareholders.” – GZ
NAPCO SECURITY TECHNOLOGIES INC.
Headquarters: Amityville
Industry: Consumer durables
Nasdaq: NSSC
Reporting Date: Sept. 4, 2018
Reporting Quarter: 4Q FY2018
Quarter Ended: June 30, 2018
Numbers: Fourth-quarter net sales were reported as $27.3 million, a 6.2 percent increase from the $25.7 million reported for the same quarter last fiscal year. Reported quarterly net income was $3.7 million, up 15.6 percent from the $3.2 million reported in 4Q FY2017, while diluted earnings per share weighed in at 20 cents – up 17.6 percent year-over-year, from 17 cents.
Notes and Quotes: In notching its 16th consecutive quarter with year-over-year sales gains, and setting a new quarterly sales highwater mark, the Amityville-based high-tech manufacturer capped off a stellar fiscal year that compiled $91.7 million in net sales (up 5 percent from FY2017 and also a record), a 37 percent spike in annual net income and a full-year earnings-per-diluted-share of 41 cents, an impressive 36.6 percent leap from one year ago. Not only that, but as of June 30, Napco Security had paid off its bank debt in full – the cherry on top of year filled with “record milestones in both sales and profits,” according to Chairman and President Richard Soloway. “This performance is a confirmation that our investments in new product development, as well as entering new market segments which provide strong avenues for sales and recurring revenue growth, have positioned Napco well for the future,” Soloway told investors. – GZ
Headquarters: Hauppauge
Industry: Capital goods
OTC: ORBT
Reporting Date: Aug. 13, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: June 30, 2018
Numbers: Reported second-quarter net sales were $5.03 million, a marginal 0.2 percent decline from the $5.04 million reported for the same quarter last fiscal year. But quarterly net income was reported as $744,000 (21 cents per diluted share), a whopping increase of 245 percent from the $224,000 in income – and 250 percent from the 6 cents per diluted share – reported for 2Q FY2017.
Notes & Quotes: With net sales for the first six months of FY2018 showing only a modest 1.2 percent increase, President and CEO Mitchell Binder thanked a deferred tax benefit resulting from the Tax Cuts and Jobs Act of 2017 for the Hauppauge electronics manufacturer’s dramatically improved bottom line. But pre-tax income has also increased – more than 10 percent, compared to the first two quarters of FY2017 – and “overall tight management of costs” have also contributed to Orbit International’s rosy glow, according to the CEO. “Because our revenue is tied to our delivery schedules stated in our contracts, it is difficult to judge our performance on a quarterly basis,” the CEO told investors. “However, we are pleased with our first-half performance in 2018 … (and) we are confident we are well-positioned for continued improved operating performance in 2018.” – GZ
Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT
Reporting Date: Aug. 8, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: June 30, 2018
Numbers: Consolidated net sales for the second quarter were reported as $148.7 million, a healthy 26.6 percent increase from the $117.4 million reported for the same quarter last fiscal year. But the company’s reported net loss was considerable – $6.1 million (a loss of 30 cents per diluted share), about 190 percent worse than the $2.1 million (14 cents per diluted share) reported lost during 2Q FY2017.
Notes and Quotes: A snapshot of the Garden City-based home-goods distributor’s first six months of FY2018 shows much of the same: a handsome year-over-year increase in net sales (up 15.6 percent, to $266.8 million), but an ugly net loss of $17.7 million, miles off the $4.3 million reported lost over the first half of FY2017. But help is coming, according to CEO Rob Kay, who noted the integration of Filament Brands – an acquisition Lifetime Brands closed earlier this year – is “ahead of schedule both in terms of identified cost savings and implementation timing.” With the largest single order in the distributor’s history shipping in the third quarter, Kay believes brighter bottom lines will follow. “We continue to expect the combination of Lifetime and Filament to be transformational, with progress becoming evident in the second half of this year and becoming more meaningful in 2019,” the CEO told investors. “We are also working hard to evaluate and reposition our product portfolio as well as enter growth categories and lay the groundwork for realizing increased profit opportunities worldwide.” – GZ
Headquarters: Stony Brook
Industry: Biotechnology
Nasdaq: APDN
Reporting Date: Aug. 13, 2018
Reporting Quarter: 3Q FY2018
Quarter Ended: June 30, 2018
Numbers: Reported third-quarter revenues were an even $1 million, down 44.4 percent from the $1.8 million reported for the same quarter last fiscal year. Total quarterly operating expenses were $3.6 million, down 14.2 percent from the $4.2 million reported for 3Q FY2017, but the company still posted a net loss of $2.9 million (10 cents per share), roughly 10.3 percent worse than the $2.6 million loss it reported for the same three months last year.
Notes and Quotes: A nine-month snapshot shows much of the same for the Stony Brook-based biotech – a year-over-year improvement in operating expenses (down roughly 29 percent, to $7.5 million), but a sharp decrease in reported revenues (down 57.2 percent, to $1.2 million) and only a marginally better operational loss ($8.21 million, or 28 cents per diluted share, compared to $10 million and 38 cents). Noting “extended payment terms” on a third-quarter shipment of cotton-industry supply-chain tracking systems, Chief Executive James Hayward acknowledged the company’s performance “did not fulfill our expectations for recognized revenue,” but with the biotech making progress on several fronts – including commercial adoption of its DNA-taggant platforms in the pharmaceuticals and leather-manufacturing industries – Hayward predicted brighter bottom lines ahead. “We are expanding our opportunities for revenue,” the CEO told investors. “Applied DNA sits at the nexus between global supply chains and market forces dictating the need for increased transparency and responsible procurement.” – GZ
BROADRIDGE FINANCIAL SOLUTIONS
Headquarters: Lake Success
Industry: Finance
NYSE: BR
Reporting Date: Aug. 8, 2018
Reporting Quarter: 4Q FY2018
Quarter Ended: June 30, 2018
Numbers: Reported fourth-quarter revenues dipped 1.5 percent, from $1.34 billion in 4Q FY2017 to $1.32 billion. Operating income also took a hit, dropping to $265 million (down 10.7 percent from the $297 million reported for the same quarter last year), though fourth-quarter diluted earnings per share increased smartly – from $1.57 last year to $1.72 this year, a 9.5 percent increase.
Notes and Quotes: Despite the anomalous blips in quarterly revenues and income, the Lake Success-based data-analytics and investor-communications company posted fiscal-year gains in total revenues (up 4.5 percent, to $4.33 billion), operating income (up 11.8 percent, to $595 million) and diluted earnings per share (up 31.8 percent, to $3.56). Chief Executive Rich Daly labeled it “a strong fourth quarter to cap off a very strong fiscal 2018,” noting a sharp 79.6 percent increase in fourth-quarter closed sales (rising to $115 million in 4Q FY2018). Says Daly: “Broadridge also achieved 10 percent adjusted operating income growth for the full year while making investments in new products and technologies including artificial intelligence, blockchain, cloud and digital. We expect fiscal 2019 to be another strong year.” – GZ
Headquarters: Medford
Industry: Healthcare
Nasdaq: CEMI
Reporting Date: Aug. 8, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: June 30, 2018
Numbers: Net sales for the second quarter were reported as $6.85 million, a strong 137 percent increase from the $2.89 million reported for the same quarter last fiscal year. Total quarterly revenues were reported as $8.72 million, jumping 112 percent year-over-year from $4.11 million. However, with costs and expenses rising precipitously – up 66.4 percent over 2Q FY2017, sailing past $10.4 million – the company was only able to reduce its net quarterly loss from $2.17 million, or 18 cents per diluted share, to $1.72 million, or 12 cents per diluted share (drops of 20.7 and 33.3 percent, respectively).
Notes & Quotes: With its AstraZeneca-funded collaboration (targeting an undisclosed biomarker) advancing to Phase 2, a new collaboration with the Foundation for Innovative New Diagnostics exploring possible rapid-diagnostic tests for the hepatitis C virus and its first automated manufacturing line going live, the Medford-based point-of-care diagnostics specialist had plenty of reasons to celebrate its strong second quarter, beyond the improved sales, increased revenues and dramatically reduced net loss. “We executed in our core business and advanced product development and technology collaborations,” CEO John Sperzel III told investors. “We are expanding our commercial and manufacturing capabilities and strengthening our leadership team to further penetrate the global point-of-care diagnostics market.” – GZ
Headquarters: Edgewood
Industry: Capital goods
AMEX: CVU
Reporting Date: Aug. 8, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: June 30, 2018
Numbers: Reported second-quarter revenues were $20.3 million, a 21.5 percent increase over the $16.7 million reported for the same quarter last fiscal year. Net income jumped to $1.3 million, a 62.5 percent spike from the $800,000 reported for 2Q FY2017, while earnings per diluted share were reported as 14 cents, a 55.5 percent improvement over the 9 cents per share reported last year.
Notes and Quotes: The Edgewood defense contractor, which also reported year-over-year gains in revenues (from $36.8 million to $38.5 million) and net income (from $2 million to $2.5 million) over the first six months of FY2018, is pumped up about its fifth consecutive quarter of EPS gains, a winning streak that “underscores our growing reputation as an efficient supply-chain partner to the defense industry and continued focus on operational excellence,” according to CEO Douglas McCrosson. With the federal government’s 2018 Consolidated Appropriations Act clearing up some confusion – and funding “almost all of our customers’ key programs” – and a coming defense-spending package likely to fuel its A-10 Thunderbolt II wing-replacement program, CPI Aero has every reason to believe it will build on its latest strong showing. Says McCrosson: “We anticipate a stronger second half to the year in terms of revenue, profitability and cash flow from operations, and expect to be cash-flow-positive for the year.” – GZ
HENRY SCHEIN INC.
Headquarters: Melville
Industry: Healthcare
Nasdaq: HSIC
Reporting Date: Aug. 6, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: June 30, 2018
Numbers: Reported net sales for the second quarter were $3.32 billion, up 8.7 percent from the $3.05 billion reported for the second quarter of last fiscal year. Net quarterly income was reported as $141.2 million (92 cents per diluted share), an increase of 3.8 percent over the $136 million (and a 7 percent climb over the 86 cents per diluted share) reported for 2Q FY2017.
Notes and Quotes: After reporting a highly uncharacteristic year-over-year drop in its first-quarter income (dipping 0.4 percent from its 1Q FY2017 mark), the Melville-based global distributor and Long Island’s largest public company rebounded in style in its second quarter, posting solid sales gains in its Dental (up 8.4 percent, to $1.6 billion), Animal Health (up 10.6 percent, to $985.9 million), Medical (up 7.5 percent, to $614 million) and Technology and Value-Added Services (up 4.9 percent, to $113.8 million) units. With its new dental technology joint venture, Henry Schein One, closing on July 1, the mothership is “in the early stages of executing on our new strategic plan for 2018 through 2020,” according to Henry Schein Chairman and CEO Stanley Bergman, and yet “already making solid strides in expanding our offering of innovative solutions and extending our value proposition for customers.” – GZ
Headquarters: Port Washington
Industry: Consumer services
NYSE: SYX
Reporting Date: July 31, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: June 30, 2018
Numbers: Net sales for the second quarter were reported as $363.1 million, a 15.3 percent increase over the $313 million reported for the same quarter last fiscal year. Reported quarterly operating income was $25.3 million, up 16.5 percent from the $21.7 million reported for 2Q FY2017. Net income from continuing operations dipped slightly year-over-year (down 7.7 percent, to $17.8 million, or 47 cents per diluted share), while net income from discontinued operations rose, from a $5.5 million loss in last year’s second quarter to a $400,000 profit this year (approximately 1 cent per diluted share).
Notes and Quotes: The Port Washington-based international distributor of industrial/tech products posted “another quarter of strong financial performance,” according to CEO Larry Reinhold, leading to six-month gains (ended June 30) in net sales (up to $718.3 million) and gross profits (up to $197.8 million). The second quarter was also highlighted by a definitive agreement to sell off Systemax’s France IT business, and while that division’s quarterly bottom line was strong – Reinhold specifically highlighted its 11 percent revenue growth, outpacing the rest of the European nation’s IT market – the sale allows the company to zero in on other verticals, according to the CEO. “Upon closing of the transaction, we will be solely focused on the growth of Industrial, where we are making further investments to enhance its competitive position, expand the value we bring to our customers and position it for further success,” Reinhold told investors. – GZ
NEW YORK COMMUNITY BANCORP INC.
Headquarters: Westbury
Industry: Finance
NYSE: NYCB
Reporting Date: July 25, 2018
Reporting Quarter: 2Q FY2018
Quarter Ended: June 30, 2018
Numbers: Net income for the second quarter was reported as $107.4 million, down roughly 6.85 percent from the $115.3 million reported for the same quarter last fiscal year. Quarterly earnings were 20 cents per diluted share, a thin 9 percent drop from the 22 cents per diluted share recorded in 2Q FY2017.
Notes & Quotes: What might seem like a marginally down quarter actually marked some upward momentum for Long Island’s largest bank ($50.5 billion in assets), which reported quarter-over-quarter increases in net income and net income available to shareholders (both up 1 percent), and no earnings-per-share change, as compared to 1Q FY2018 (ended March 31). Chief Executive Joseph Ficalora said the Westbury-based corporation was following its plan – “grow our assets, reinvest our excess liquidity and reduce operating expenses” – and stands ready to reap further benefits from the Dodd-Frank Reform Act, which became law in May and both improves consumer access to mortgage credit and provides regulatory relief for lenders, among other juicy benefits. “We remain on track to meet or exceed the $100 million in expense reductions in 2018 that we previously discussed,” Ficalora told investors. “In addition, with Dodd-Frank reform completed, we expect additional opportunities to reduce expenses further over the next 18 months.” – GZ
Headquarters: Melville
Industry: Composites manufacturing
NYSE: PKE
Reporting Date: June 22, 2018
Reporting Quarter: 1Q FY2019
Quarter Ended: May 27, 2018
Numbers: Reported first-quarter net sales were $31.1 million, up 13.5 percent from the $27.4 million reported for the same quarter last year. Quarterly net earnings (before special items) were reported as $3.16 million, a 127-percent year-over-year increase, and diluted earnings per share came in at 16 cents, up from the 7 cents reported for 1Q FY2018.
Notes & Quotes: The winning quarter marked a fine start to Park Electrochemical’s 2019 fiscal year, with the aerospace-heavy company also reporting impressive quarter-over-quarter gains compared to 4Q FY2018, which ended Feb. 25 (net sales up 11.8 percent). A one-time tax benefit related to the Tax Cuts and Jobs Act spiked earnings sharply in the fourth quarter of FY2018, robbing some of the luster of the company’s impressive 1Q FY2019 performance, but besides that, all signs are pointing up – and there are big things on the horizon, according to Chairman and CEO Brian Shore, who told investors he expects to make a significant announcement sometime in 2Q FY2019 regarding the long-anticipated sale of the company’s Electronics Business. Park Electrochemical is “pretty deep into the strategic evaluation” of the potential sale, according to Shore, who noted, “At the end of the day, we will do what’s best for our … shareholders, our people, our customers and our OEMs.” – GZ
Headquarters: Westbury
Industry: Consumer services
Nasdaq: NATH
Reporting Date: June 8, 2018
Reporting Quarter: 4Q FY2018
Quarter Ended: March 25, 2018
Numbers: Reported fourth-quarter revenues were $19.90 million, up 3.4 percent from the $19.23 million reported for the same quarter last fiscal year. But quarterly net income fell sharply – to $367,000, down 49.6 percent from the $729,000 reported for 4Q FY2017 – and fourth-quarter earnings per diluted share followed, dropping 47 percent year-over-year (from 17 to 9 cents per share).
Notes & Quotes: The Jericho-based hot dog king also reported its year-end results this month, these following the exact same pattern – reported annual revenues for FY2018 increased nicely (up 8.3 percent, to $104.2 million), but net income plunged (down nearly 65 percent, from $7.48 million to $2.63 million) and so did earnings per share (also down 65 percent, to 62 cents). Despite those stinging declines, Nathan’s Famous did serve up some good news for investors, including a 13 percent increase in licensing royalties (rising past $23 million) and a nearly 12 percent spike in Branded Product Program sales, which soared past $62 million. – GZ
Headquarters: Hauppauge
Industry: Capital goods
OTC: ORBT
Reporting Date: May 10, 2018
Reporting Quarter: 1Q FY2018
Quarter Ended: March 31, 2017
Numbers: Net sales for the first quarter were reported as $5.35 million, up 2.7 percent from the $5.2 million reported for the same quarter last fiscal year. Quarterly net income was reported as $421,000 (12 cents per diluted share), a 31.6 percent year-over-year increase from $313,000 (8 cents), and EBITDA was recorded as $466,000 – a 25.9 percent jump over the $370,000 reported for 1Q FY2017.
Notes & Quotes: Mitchell Binder, president and CEO of the Hauppauge electronics manufacturer, trumpeted a “strong start” to the company’s 2018 fiscal year, marked by that sharp revenue increase – Binder credited solid sales recorded by the company’s Electronics Group – and that healthier operating income, “attributable to our tight management of costs as well as product mix and operating efficiencies.” Although sales in Orbit International’s Power Group dipped in the quarter, the shipment of back-ordered Common Aircraft Armament Test Sets to the U.S. Navy during the second half of calendar 2018 will lift the group and the company’s bottom line, according to the CEO. Says Binder: “We are confident that we can build on our strong start to 2018.” – GZ
Headquarters: Medford
Industry: Healthcare
Nasdaq: CEMI
Reporting Date: May 10, 2018
Reporting Quarter: 1Q FY2018
Quarter Ended: March 31, 2017
Numbers: Net sales for the first quarter were reported as $6.4 million, up 18 percent from the $5.4 million reported for 1Q FY2017. Total quarterly revenues were reported as $7.7 million, up 22 percent from the $6.3 million reported for the same quarter last year. Net loss for the first quarter was reported as $700,000 (5 cents per diluted share), improving on the net loss of $1.6 million (13 cents per diluted share) reported for the first quarter of 2017.
Notes & Quotes: Coming off a strong FY2017, in which total revenues and net sales both spiked, the Medford-based point-of-care diagnostics specialist kept the ball rolling in the new fiscal year, completing Phase 1 of a DPP Assay being developed through its AstraZeneca collaboration, entering a new collaboration with LumiraDx to develop a new portfolio of POC diagnostic tests for infectious diseases and otherwise continuing “execution in our core business, advancement of product development initiatives and progress on key technology collaborations,” according to Chembio Diagnostics President and CEO John Sperzel III. “Our performance on all fronts is driving growth and creating momentum we look to build upon,” Sperzel told investors. “We are increasingly confident in our ability to leverage our DPP platform … and believe we are in an advantageous position in the global point-of-care diagnostics market.” – GZ
BROADRIDGE FINANCIAL SOLUTIONS
Headquarters: Lake Success
Industry: Finance
NYSE: BR
Reporting Date: May 9, 2018
Reporting Quarter: 3Q FY2018
Quarter Ended: March 31, 2017
Numbers: Third-quarter operating income was reported as $130 million, up 19 percent from the $110 million reported for the same quarter last fiscal year. Adjusted operating income (non-GAAP) for the quarter was reported as $152 million, up 13 percent year-over-year (from $134 million). Total quarterly revenues were reported as $1.07 billion, up 6 percent (from $1 billion), and diluted earnings-per-share were reported as 90 cents, up 43 percent from the 63 cents reported for 3Q FY2017.
Notes and Quotes: With a mighty first half of its 2018 fiscal year already on the books (total revenues up 8 percent, profits eclipsing $200 million over the first six months), the Lake Success-based data-analytics and investor-communications company raised its revenue and EPS guidance back in March – and three months later, that confidence appears spot-on. Spotlighting that adjusted operating income spike and an 8 percent jump in recurring-fee revenues, CEO Richard Daly said his company is again raising its full-year guidance for adjusted EPS growth (to the 31 to 35 percent range) and brimming with confidence about the remainder of FY2018. “Our discussions with clients remain very active,” Daly told investors, “and the investments we have made over the past several years … continue to position us well for future growth.” – GZ
Headquarters: Garden City
Industry: Capital goods
Nasdaq: LCUT
Reporting Date: May 8, 2018
Reporting Quarter: 1Q FY2018
Quarter Ended: March 31, 2018
Numbers: Reported net sales were $118.2 million, a 4.2 percent increase over the net sales of $113.4 million reported for the same quarter last year. But operational losses totaled $13.3 million – seven times worse than the $1.9 million reported lost in 1Q FY2017 – and the company reported a net loss of $11.6 million (70 cents per diluted share), far off the $1.3 million (9 cents per diluted share) reported lost for the same quarter last year.
Notes and Quotes: Following a disappointing FY2017 (net income down 86 percent), a rocky start to the new fiscal year doesn’t bode well for the Garden City-based home-goods distributor. However, Lifetime’s acquisition of Seattle-based Filament Brands, which closed late in the first quarter, does bode well, and Executive Chairman Jeffrey Seigel was quick to note those healthy quarterly sales included contributions from the new West Coast subsidiary. Seigel also noted a “rapidly changing retail environment” and referred investors to the company’s full-year 2018 guidance – “Our most significant initiatives are scheduled for the third and fourth quarters” – while CEO Rob Kay trumpeted the ongoing integration of Lifetime and Filament operations. Said Kay: “We have begun taking many steps to align our business model and create a strong and unified company. We are pleased with the rapid progress we have made … and believe we are on track to exceed the financial targets we announced in conjunction with the merger.” – GZ
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
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
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
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
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
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
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
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
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
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
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.
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
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