During the three-month period ended March 31, 2013, product sales increased by 8%, or $130,000, to $1,847,000 in comparison to $1,717,000 during the same period in 2012.
Net operating income was $327,000 during the three-month period ended March 31, 2013, in comparison to net operating income of $281,000 during the same period in 2012. The net income was $204,000, or $0.07 per share, during the three-month period ended March 31, 2013, in comparison to net income of $155,000, or $0.05 per share, during the same period in 2012. The improved financial performance is largely due to increased gross margin from sales of First Defense®.
“In this extremely challenging dairy and beef economy with a record low milk-to-feed price ratio narrowing our customers’ profit margins, our product sales increased by 8% and 5% during the three-month and twelve-month periods ended March 31, 2013, respectively,” commented Michael F. Brigham, President and CEO. “This sales growth contributed to our continued profitability, while we are actively seeking a partner to help us complete the development and commercialization of Mast Out®.”
Cash, cash equivalents and short-term investments increased by 8%, or $392,000, to $5,305,000 as of March 31, 2013, in comparison to $4,914,000 as of December 31, 2012. Stockholders’ equity increased by 2%, or $219,000, to $9,413,000 as of March 31, 2013, in comparison to $9,195,000 as of December 31, 2012. The Company had 3,019,000 shares of common stock outstanding as of March 31, 2013.
SEC Filings - Section 16View Archive (U.S. Securities and Exchange Commission)
Form 3 and 3/A
09-07-2011 David S Cunningham
Form 4 and 4/A
12-08-2011 Joseph H. Crabb
11-16-2011 Michael F Brigham
10-14-2011 David S Cunningham, Bobbi Jo Kunde
08-23-2011 David Scott Tomsche
07-12-2011 David Scott Tomsche
06-23-2011 David Scott Tomsche
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is a public biotechnology company that is developing, manufacturing and selling products that improve animal health and productivity in the dairy and beef industries. Our product focus encompasses prevention, diagnosis and treatment of economically important bovine diseases.
Michael F. Brigham
President & CEO
56 Evergreen Drive
Portland, Maine 04103