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Mesa Labs Reports 44% Increase in Third Quarter Revenues

LAKEWOOD, Colo. Feb. 14, 2011 December 31, 2010

Highlights:

  • Third quarter revenues increased 44% compared to the same period last fiscal year
  • $4,006,000
  • $1,446
  • $4,515

$7,652,000 $5,318,000 $1,258,000 $.37 $1,154,000 $.35

$22,861,000 $15,702,000 $4,006,000 $1.21 $3,424,000 $1.04

$1,446,000 $.43 $1,213,000 $.37 $4,515,000 $1.36 $3,608,000 $1.10

John J. Sullivan Bozeman, Montana

John Sullivan New Hampshire Colorado $175,000 $111,000 $.03

During the third quarter and nine month period of fiscal 2011, sales of the Company’s instrumentation products and services increased nine percent and 12 percent, respectively, compared to the prior year period.  The revenue increases in the third quarter and nine month period were primarily a result of the Torqo acquisition in December, 2009.

During the third quarter and nine month period of fiscal 2011, sales of the Company’s Biological Indicator products increased 117 percent and 113 percent, respectively, compared to the same period last year.  The increase in Biological Indicator sales during the quarter and nine month period was due to organic growth of 12 percent and nine percent, respectively, plus the revenue added as a result of the acquisition of SGM Biotech in April, 2010 and the Apex products in December, 2010.

Mesa Laboratories develops, acquires, manufactures and markets electronic instruments and disposables for industrial, pharmaceutical and medical applications.

March 31, 2010

(1) The non-GAAP measures of adjusted net income and adjusted earnings per share are defined to exclude the impacts of non-cash intangibles amortization, net of its tax effects. A reconciliation between these non-GAAP measures and their GAAP counterparts is set forth in the table below, along with additional information regarding their use.

FINANCIAL SUMMARY

STATEMENT OF EARNINGS (Unaudited)

Quarter Ended December 31

Nine Months Ended December 31

2010

2009

2010

2009

Net Sales

$7,652,000

$5,318,000

$22,861,000

$15,702,000

Cost of Goods

3,212,000

2,020,000

9,488,000

6,109,000

Gross Profit

4,440,000

3,298,000

13,373,000

9,593,000

Operating Expense

2,438,000

1,480,000

6,835,000

4,193,000

Operating Income

2,002,000

1,818,000

6,538,000

5,400,000

Other Expense & (Income)

33,000

(14,000)

79,000

(26,000)

Earnings Before Taxes

1,969,000

1,832,000

6,459,000

5,426,000

Income Taxes

711,000

678,000

2,453,000

2,002,000

Net Income

$1,258,000

$1,154,000

$4,006,000

$3,424,000

Earnings Per Share (Basic)

$           .39

$           .36

$         1.24

$         1.07

Earnings Per Share (Diluted)

$           .37

$           .35

$         1.21

$         1.04

Average Shares (Basic)

3,234,000

3,193,000

3,226,000

3,191,000

Average Shares (Diluted)

3,355,000

3,317,000

3,316,000

3,284,000

BALANCE SHEETS (Unaudited)

Dec. 31
2010

March 31
2010

Cash and Cash Equivalents

$   2,129,000

$ 10,471,000

Other Current Assets

12,114,000

10,003,000

Total Current Assets

14,243,000

20,474,000

Property and Equipment

7,409,000

4,239,000

Other Assets

25,968,000

8,926,000

Total Assets

$47,620,000

$33,639,000

Liabilities

$ 13,174,000

$ 2,442,000

Stockholders’ Equity

34,446,000

31,197,000

Total Liabilities and Equity

$47,620,000

$33,639,000

NON-GAAP ADJUSTED NET INCOME AND NON-GAAP

DILUTED EPS RECONCILIATIONS

(Unaudited)

Quarter Ended December 31

Nine Months Ended December 31

2010

2009

2010

2009

Net Income

$1,258,000

$1,154,000

$4,006,000

$3,424,000

Intangibles Amortization, net of
tax effect

188,000

59,000

509,000

184,000

Adjusted Net Income

$1,446,000

$1,213,000

$4,515,000

$3,608,000

Fully Diluted Shares Outstanding

3,355,000

3,317,000

3,316,000

3,284,000

Adjusted EPS

$0.43

$0.37

$1.36

$1.10

The non-GAAP measures of adjusted net income and adjusted earnings per share presented in the reconciliation above are defined to exclude the impacts of non-cash intangibles amortization, net of their tax effects.  The tax effect is calculated using the average corporate rate for that period multiplied by the elimination.  We believe that excluding these acquisition related expenses provides the ability to understand the benefits of acquisitions based on their cash return.

We provide non-GAAP net income and non-GAAP earnings per share amounts in order to provide meaningful supplemental information regarding our operational performance.  Our management uses non-GAAP measures to evaluate the performance of our business and to compensate employees.  This information facilitates our management’s internal comparisons to our historical operating results as well as to the operating results of our competitors.  Since management finds this measure to be useful, we believe that our investors can benefit by evaluating both our non-GAAP and our GAAP results.

Our management recognizes that items such as amortization of intangibles can have a material impact on our net income.  To gain a complete picture of all effects on the company’s profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement.  The non-GAAP numbers focus instead upon the core operating business of the company.

Readers are reminded that non-GAAP measures are merely a supplement to, and not a replacement for, or superior to our financial measures prepared according to GAAP.  They should be evaluated in conjunction with the GAAP financial measures.  It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

SOURCE Mesa Laboratories, Inc.

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