Microfluidics International Corp. (OTC:MFLU) saw sales rise and losses narrow for both the fourth quarter and full year 2009.
The Newton, Mass.-based manufacturer of material-processing tools posted sales of $4.2 million during the three months ended Dec. 31, 2009, up 22.7 percent compared with $3.5 million during the same period in 2008. Microfluidics swung to fourth-quarter profits of $80,000, or 1 cent per share, compared with net losses of $1.7 million, or 17 cents per share, during Q4 2008.
For the full year, revenues were $15.7 million, up 5.8 percent compared with $14.9 million during 2008. Net losses narrowed to $362,000 (3 cents per share) for 2009, compared with $4 million (39 cents per share) during the prior year.
Microfluidics said international sales paced its fourth-quarter results, growing 71 percent to $1.6 million compared with Q4 2008. CEO Michael Ferrara said the company met its "most significant" goal since he took over in 2007 — positive earnings before interest, taxes, depreciation and amortization of $525,000 for 2009.
Chief accounting officer Peter Byczko said that if there is a sustained recovery for Microfluidics’ principal markets the company should be on track to pre-tax profitability this year.
Last month the company inked a distribution deal in Canada with ATS Scientific Inc. to sell its Microfluidizer processor, which uses fluids to break apart biological materials into uniform particles, north of the border.