form_8k-103003
U.S. Securities and
Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
October 30, 2003
Date of Report (Date of earliest event Reported):
MESA LABORATORIES, INC.
(Exact Name of Small Business Issuer as Specified in its Charter)
Commission File Number: 0-11740
COLORADO 84-0872291
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(State or other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
12100 WEST SIXTH AVENUE, LAKEWOOD, COLORADO 80228
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(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone number, including area code: (303) 987-8000
Not Applicable.
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(Former name or former address, if changed since last report)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
c) Exhibits:
99.1 Press Release issued October 30, 2003
ITEM 9. REGULATION FD DISCLOSURE.
Pursuant to the interim guidance provided in Release No. 33-8216, the
disclosure being furnished in this Form 8-K is being furnished under Item 12,
"Results of Operations and Financial Condition," of form 8-K.
On October 30, 2003, Mesa Laboratories, Inc. issued a press release
describing its results of operations for its second quarter ended September 30,
2003. A copy of this press release is attached hereto as Exhibit 99.1 and is
incorporated by reference herein.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MESA LABORATORIES, INC.
(Issuer)
DATED: October 31, 2003 BY: /s/ Luke R. Schmieder
Luke R. Schmieder
President, Chief Executive
Officer, Treasurer and Director
INDEX TO EXHIBITS
Exhibit No. Description Method of Filing
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99.1 Press release dated October 30, 2003 Filed herewith
EXHIBIT 99.1
NEWS FOR IMMEDIATE RELEASE: OCTOBER 30, 2003
MESA LABS REPORTS SECOND QUARTER EARNINGS
LAKEWOOD, CO - Mesa Laboratories, Inc. (NASDAQ:MLAB) today reported its
sales and earnings for its fiscal second quarter ended September 30, 2003.
For the second quarter of fiscal 2004, net sales decreased six percent to
$2,276,000 from $2,432,000 in the same quarter last year. Net income for the
quarter decreased 20 percent to $528,000 or $.17 per diluted share compared to
$661,000 or $.20 per diluted share one year ago.
For the first six months of fiscal 2004, net sales increased one percent to
$4,529,000 from $4,484,000 in the same period last year. Net income for the
first six months decreased three percent to $1,052,000 or $.33 per diluted share
compared to $1,081,000 or $.32 per share one year ago.
While sales for the quarter were down a small amount from the prior year
quarter, they were up slightly from last quarter. Historically the fiscal second
quarter, which straddles the summer months has been a weaker period for the
company's revenues. Over the prior three years we were able to break this trend
with acquisitions, new product introductions and a large one-time sale. Over the
first six months of the fiscal year, revenues are up a small amount compared to
prior year. Datatrace sales for the six month period produced a five percent
gain while medical instruments decreased by approximately seven percent.
Nusonics products have increased over thirty percent for the same period, but
this gain is on a much smaller base of sales.
Net income for the current quarter was up slightly from the prior quarter,
but decreased more significantly from the prior year period. The decline in the
quarterly net income was due to the decline in revenues. More specifically, a 17
percent decline was experienced in Datatrace product sales, which was brought
about by shipments of backlogged orders for the Micropack III in the year ago
quarter. For the year-to-date, net income is down slightly compared to the prior
fiscal year. This decline is due to utilization of a slightly higher income tax
rate compared to last year and higher research end development expenditures this
year. Diluted earnings per share increased slightly due to the benefits of the
company's on-going stock repurchase plan.
During the first six months of the fiscal year, the Company repurchased
71,200 shares of our common stock under a previously announced buyback plan, and
the Company's cash position increased by $1,259,000 to $6,020,000.
Mesa Laboratories develops, acquires, manufactures and markets electronic
instruments for industrial, pharmaceutical and medical applications.
This news release contains forward-looking statements, which involve risks
and uncertainties. The Company's actual results could differ materially from
those in any such forward-looking statements. Additional information concerning
important factors that could cause results to differ materially from those in
any such forward-looking statement is contained in the Company's Annual Report
on Form-10KSB for the year ended March 31, 2003 as filed with the Securities and
Exchange Commission, and from time to time in the Company's other reports on
file with the Commission.
FINANCIAL SUMMARY
STATEMENT OF EARNINGS (Unaudited)
Quarter Ended September 30, Six Months Ended September
30,
2003 2002 2003 2002
Net sales $ 2,276,000 $ 2,432,000 $ 4,529,000 $ 4,484,000
Cost of goods 902,000 878,000 1,708,000 1,690,000
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Gross profit 1,374,000 1,554,000 2,821,000 2,794,000
Operating expense 562,000 573,000 1,214,000 1,204,000
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Operating income 812,000 981,000 1,607,000 1,590,000
Other (income) and expense (11,000) (16,000) (23,000) (31,000)
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Earnings before taxes 823,000 997,000 1,630,000 1,621,000
Income taxes 295,000 336,000 578,000 540,000
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Net income $ 528,000 $ 661,000 $ 1,052,000 $ 1,081,000
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Earnings per share (basic) $ 0.17 $ 0.20 $ 0.34 $ 0.33
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Earnings per share (diluted) $ 0.17 $ 0.20 $ 0.33 $ 0.32
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Average shares (basic) 3,052,000 3,304,000 3,066,000 3,318,000
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Average shares (diluted 3,180,000 3,366,000 3,167,000 3,389,000
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BALANCE SHEETS (Unaudited)
September 30, March 31,
2003 2003
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Cash and short-term investments $ 6,020,000 $ 4,761,000
Other current assets 4,084,000 4,843,000
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Total current assets 10,104,000 9,604,000
Property and equipment 1,313,000 1,348,000
Other assets 4,208,000 4,208,000
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Total assets $15,625,000 $15,160,000
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Liabilities $ 584,000 $ 673,000
Stockholders' equity 15,041,000 14,487,000
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Total liabilities and equity $15,625,000 $15,160,000
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CONTACTS:
Luke R. Schmieder; President-CEO
Steven W. Peterson; VP Finance-CFO
Mesa Laboratories, Inc.
303.987.8000