NOVT Corporation Reports Fiscal Third Quarter and Nine Months Ended September 30, 2012 Financial Res

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NOVT Corporation Reports Fiscal Third Quarter and Nine Months Ended September 30, 2012 Financial Results

LOS GATOS, Calif.--(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

2012201120122011
 
Revenues$2,008$-$3,055$-
 
Operating expenses:
General and administrative 473 121  650 330 
Income (Loss) from operations1,535(121)2,405(330)
 
 
Interest and other income:
Interest income12581341316
Realized gain (loss) on investments-(210)-(210)
Unrealized loss on investments - -  - 1,233 
Total interest and other income125(129)3411,339
 
Income (loss) before income taxes1,660(250)2,7461,009
 
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,
20122011
(Unaudited)
ASSETS:
 
Current assets:
Cash and cash equivalents$11,428$4,874
Short-term investments1,9211,390
Interest receivable2020
Prepaid expenses and other current assets 29  92 
Total current assets13,3986,376
 
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 capital193,812187,506
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.



NOVT
Michael McNamara
212-520-2356

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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