NOVT Corporation Reports Fiscal Third Quarter and Nine Months Ended September 30, 2012 Financial Results
May 14 2013 - 12:44PM
Business Wire
NOVT Corporation (Pink Sheets: NVTP) (“NOVT” or the “Company”)
today announced operating results for the third quarter ended
September 30, 2012. They are summarized in the following paragraphs
and in the financial tables below. Further financial information
can be found on the NOVT website: www.novtcorp.net.
Third Quarter Results
NOVT reported revenues of $2.0 million for the third quarter
ended September 30, 2012. The income from continuing operations was
$1.5 million, as compared to a loss of $0.1 million in the 2011
third quarter. Net income for the Company in the third quarter was
$1.6 million, or $58.18 per diluted common share, as compared to a
net loss of $0.3 million, or $8.62 per diluted common share, for
the 2011 third quarter.
Nine Month Results
For the nine month period ended September 30, 2012, NOVT
reported revenues of $3.1 million. Income from continuing
operations was $2.4 million, as compared to a loss of $0.3 million
for the same period in 2011. Net income for the Company for the
nine month period was $2.7 million, or $96.96 per diluted common
share, as compared with income of $0.9 million, or $30.87 per
diluted common share, for the same period in 2011.
Financial
Summary
(in thousands, except per data share)
Three months ended
Nine months ended
September 30
September 30
2012 2011 2012 2011 Revenues $ 2,008 $ - $ 3,055 $ -
Operating expenses: General and administrative
473 121
650 330 Income (Loss) from
operations 1,535 (121 ) 2,405 (330 ) Interest and
other income: Interest income 125 81 341 316 Realized gain (loss)
on investments - (210 ) - (210 ) Unrealized loss on investments
- -
- 1,233 Total interest and
other income 125 (129 ) 341 1,339 Income (loss) before
income taxes 1,660 (250 ) 2,746 1,009 Provision for income
taxes
31 -
31 83 Net Income
(loss)
$ 1,629 $
(250 ) $ 2,715
$ 926 Basic and diluted net
income (loss) per share
$ 58.18
$ (8.62 ) $
96.96 $ 30.87
Weighted average common shares outstanding
-basic and diluted
28 29
28 30
Balance
Sheets
(in thousands) September 30, December
31, 2012 2011 (Unaudited) ASSETS: Current assets: Cash and
cash equivalents $ 11,428 $ 4,874 Short-term investments 1,921
1,390 Interest receivable 20 20 Prepaid expenses and other current
assets 29 92 Total current assets
13,398 6,376 Long-term investments 7,323
4,683 Total assets $ 20,721 $ 11,059
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Accounts payable $ - $ 1 Accrued expenses 474
118 Total current liabilities 474
119 Shareholders' equity: Preferred
stock, $.01 par value, 10,000 shares authorized; no shares issued
and outstanding - - Common stock, $.01 par value, 90,000 shares
authorized; 39,201 shares issued and 28,301 shares outstanding at
September 30, 2012; 39,101 shares issued and 28,473 shares
outstanding at December 31, 2011 - - Additional paid-in capital
193,812 187,506 Deferred compensation - - Accumulated deficit
(169,886 ) (172,602 ) Treasury stock, at cost, 10,900 shares at
September 30, 2012 and 10,628 shares at December 31, 2011 (3,208 )
(3,085 ) Accumulated other comprehensive income (loss) (471
) (879 ) 20,247 10,940
Total liabilities and shareholders' equity $ 20,721 $ 11,059
About NOVT Corporation
On March 9, 2006, NOVT completed the sale of substantially all
the assets of its vascular brachytherapy business. NOVT's strategic
plan is to redeploy its existing resources to identify and acquire
new business operations. This strategy may allow NOVT to realize
the benefits of its net operating loss carry-forwards ("NOLs"). At
this time, no candidates have been identified and no assurance can
be given that NOVT will find suitable candidates, and if it does,
that it will be able to utilize its existing NOLs.
NOVT's Certificate of Incorporation limits the ability of any
person or group to acquire 4.75% or more of NOVT's common stock
(subject to certain exceptions as provided in the Certificate of
Incorporation) in order to protect NOVT's ability to utilize its
NOLs and renders inapplicable to NOVT the limitations of Section
203 of the Delaware General Corporation.