NOVT Corporation Reports Fiscal Third Quarter and Nine Months Ended September 30, 2012 Financial Res
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 $30.87 per diluted common share, for the same period in 2011.
|(in thousands, except per data share)|
Three months ended
|Nine months ended|
|General and administrative||473||121||650||330|
|Income (Loss) from operations||1,535||(121||)||2,405||(330||)|
|Interest and other income:|
|Realized gain (loss) on investments||-||(210||)||-||(210||)|
|Unrealized loss on investments||-||-||-||1,233|
|Total interest and other income||125||(129||)||341||1,339|
|Income (loss) before income taxes||1,660||(250||)||2,746||1,009|
|Provision for income taxes||31||-||31||83|
|Net Income (loss)||$||1,629||$||(250||)||$||2,715||$||926|
|Basic and diluted net income (loss) per share||$||58.18||$||(8.62||)||$||96.96||$||30.87|
Weighted average common shares outstanding -
|(in thousands)||September 30,||December 31,|
|Cash and cash equivalents||$||11,428||$||4,874|
|Prepaid expenses and other current assets||29||92|
|Total current assets||13,398||6,376|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Total current liabilities||474||119|
|Preferred stock, $.01 par value, 10,000 shares authorized; no shares|
|issued and outstanding||-||-|
|Common stock, $.01 par value, 90,000 shares authorized; 39,201 shares|
|issued and 28,301 shares outstanding at September 30, 2012; 39,101|
|shares issued and 28,473 shares outstanding at December 31, 2011||-||-|
|Additional paid-in capital||193,812||187,506|
|Treasury stock, at cost, 10,900 shares at September 30, 2012|
|and 10,628 shares at December 31, 2011||(3,208||)||(3,085||)|
|Accumulated other comprehensive income (loss)||(471||)||(879||)|
|Total liabilities and shareholders' equity||$||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.
KEYWORDS: United States North America California
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