HOPKINS, Minn., Nov. 8 /PRNewswire-FirstCall/ --
(Unaudited) (Unaudited) For the three months ended For the six months ended September 30, September 30, 2007 2006 2007 2006 Net sales $3,069,762 $2,315,781 $7,940,405 $7,836,896 Gross profit 759,209 479,708 1,773,250 1,914,532 Net income (loss) attributable to common shareholders $68,969 $447,020 $(94,467) $867,252
The Company's net sales of $3,069,762 for the third quarter ended September 30, 2007 increased by 33% or $753,981 from $2,315,781 for the same period in 2006. The Company's net sales of $7,940,405 for the nine months ended September 30, 2007 increased by 1% or $103,509 from $7,836,896 for the same period in 2006. Gross profit was $759,209 or 25% for the third quarter ended September 30, 2007, compared to $479,708 or 21% for the same period in 2006. Selling, general and administrative expenses were $640,882 or 21% of net sales for the third quarter of 2007 compared to $(17,556) or (1)% of net sales for the same period in 2006. The increase for the quarter ended September 30, 2007 of $658,438 or 3,751% is due to a decrease in the recognized gain from the sale of building of $494,100, with the remaining increase of $164,338 primarily due to increased selling expenses attributable to commissions and travel, and increased administrative expenses due to legal and professional fees attributable to the filing of Schedule 13E-3 with the Securities and Exchange Commission in connection with a "going private" transaction. Net income attributable to common shareholders for the third quarter of 2007 was $68,969 or $0.01 per basic and diluted share, compared to a net income attributable to common shareholders of $447,020 or $0.05 per basic and $0.04 per diluted share for the third quarter of 2006. Net loss attributable to common shareholders for the nine months ended September 30, 2007 was $(94,467) or $(0.01) per basic and diluted share, compared to a net income attributable to common shareholders of $867,252 or $0.09 per basic and $0.08 per diluted share for the third quarter of 2006.
MagStar Technologies, Inc. (BULLETIN BOARD: MGST) ("MagStar" or the "Company") is a publicly owned company headquartered in Hopkins, Minnesota. The Company's stock is quoted on the Over-The-Counter Bulletin Board under the symbol "MGST". MagStar is a manufacturer of conveyors, motion control devices, spindles, and custom servo motors. MagStar's primary product is Quickdraw brand conveyor systems, used in factory and laboratory automation. MagStar also manufactures customized motion control products (custom servo motors and linear slides), disposable based medical centrifuges and devices, and its other proprietary product, oil centrifuges. Products manufactured by MagStar are used in high tech manufacturing, laboratory and pharmaceutical processes, electronics assembly, surgical procedures, and laboratory processes.
The information in this discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding the Company's capital needs, business strategy and expectations. Any statements that are not of historical fact may be deemed to be forward-looking statements. These forward-looking statements involve substantial risks and uncertainties. Actual events or results may differ materially from the anticipated results or other expectations expressed in the forward-looking statements. In evaluating these statements, you should consider various factors, including the risks included from time to time in other reports or registration statements filed by the Company with the United States Securities and Exchange Commission. These factors may cause the Company's actual results to differ materially from any forward-looking statements. The Company disclaims any obligation to publicly update these statements, or disclose any difference between actual results and those reflected in these statements.
For further information, please contact Jon Reissner, President and Chief Executive Officer, at 952-935-6921 or at
