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MGC Diagnostics Corporation Reports Fourth Quarter and Fiscal Year 2012 Operating Results
Date:12/19/2012

s. Life Time Fitness paid the Company $1.0 million at closing, and will pay an additional $235,000 over the next 18 months.

Fourth quarter fiscal 2012 total revenues increased 4% to $8.2 million compared to $7.9 million in the fiscal 2011 fourth quarter. Domestic 2012 fourth quarter sales were $6.6 million, compared to $6.4 million in the 2011 fourth quarter while international sales were $1.6 million, versus $1.5 million in last year's comparable fourth quarter.

Fourth quarter equipment, supplies and accessories sales totaled $7.1 million, compared to $6.7 million during last year's comparable quarter. Service revenues for the fourth quarter decreased $26,000, or 2%, to $1.1 million compared to last year's fourth quarter. The decrease in 2012 fourth quarter service revenues reflects the Company's strategic decision to no longer support older customer equipment as the parts needed to meet our service standards are no longer available. We will focus on transitioning these customers to newer MGC Diagnostics equipment. For the 2012 fourth quarter, the Company recorded a $816,000 gain related to the sale of its New Leaf assets to Life Time Fitness, Inc. Overall, the Company reported net income of $790,000, or $0.20 per diluted share, versus net income of $391,000, or $0.10 per diluted share, in the comparable quarter last year.

Gross margin for the quarter was 55.1% compared to 56.2% in the fourth quarter of fiscal year 2011, respectively. This decrease is due in part to lower margin Group Purchasing Organization (GPO) sales accounting for a higher percent of fiscal 2012 Company sales. For the fourth quarter and fiscal year, GPO sales increased 176% and 218%, as compared with the prior year quarter and fiscal year, respectively. GPO sales accounted for approximately 58% and 45% of total sales for the just completed quarter and fiscal year, respectively.

Fourth quarter 2012 general and administrative expenses totaled $1.2 million versus $1
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