Medical Device Component Supplier Presents Today at Small Cap Financial
BETHEL, Conn., Aug. 20 /PRNewswire-FirstCall/ -- Memry Corporation (Amex: MRY), a leading provider of nitinol and polymer components to the medical device industry, announced today that unaudited preliminary results indicate revenue of approximately $13.1 million for the fourth fiscal quarter ended June 30, 2007, an increase of over 7% from the third quarter and down slightly from prior year results. For the fiscal year ended June 30, 2007 revenue is expected to be $51.7 million compared to $52.6 million in fiscal year 2006.
Memry Chief Executive Officer Robert Belcher said, "While we are disappointed in our full year revenue performance, we are pleased to report these preliminary financial results indicate a stronger fourth quarter than expected. We have been investing for several years in materials, technologies and processes to build our pipeline for the longer term. Our research and development initiatives are now helping us resume growth and we have begun to see the benefits of our investment in new capabilities and customer-sponsored development projects.
"We are encouraged with the revenue results achieved in the fourth quarter. On a comparative basis, nitinol revenue for the fourth quarter of fiscal 2007 has exceeded the fourth quarter revenue of fiscal 2006. In our polymer business, revenue is down versus the fourth quarter of fiscal 2006, which was an exceptionally strong quarter.
"On a sequential quarter basis, both our nitinol and polymer sales have
resumed growth, with both segments reporting higher sales in the fourth
quarter of fiscal 2007 than in the third quarter
|SOURCE Memry Corporation|
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