MOCON Announces 25% Increase in Earnings and Record Sales
MINNEAPOLIS, Feb. 17 /PRNewswire/ -- MOCON, Inc. (Nasdaq: MOCO - news) today announced that 1999 earnings increased 25% compared to 1998 on record annual sales of $17,843,000.
Net income increased 25% in 1999 to $2,899,000 compared to $2,327,000 for 1998. Sales for 1999 were $17,843,000 up 18% compared to $15,146,000 in 1998. Net income per share was 46 cents for 1999, up 24% compared to 37 cents per share in 1998. Fourth quarter sales were $4,492,000 up 14% compared to $3,942,000 during the fourth quarter of 1998. Fourth quarter 1999 net income was $736,000 or 12 cents per share.
``We are very pleased with such a strong year in sales and earnings,'' commented President, Robert Demorest. ``We feel we are in tune with the needs of our customers, and the record revenue numbers provide us with confidence that we are on the right track.''
MOCON is a leading provider of consulting, services, and systems to assess materials and processes for companies worldwide. See www.mocon.com for more information.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include but are not limited to uncertainties relating to competition and technological change, setbacks in product development programs, slower-than-anticipated customer acceptance of new products, dependence on certain key industries, and risk associated with the Company's acquisition strategy and international operations, and other factors set forth in the Company's filings with the Securities and Exchange Commission.
MOCON's shares are traded on the Nasdaq Stock Market under the symbol MOCO.