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Medical Action Industries Reports Fourth Quarter And Annual Results For The Fiscal Year Ended March 31, 2013

Stocks in this article: MDCI

BRENTWOOD, N.Y., June 11, 2013 (GLOBE NEWSWIRE) -- Medical Action Industries Inc. (the "Company") (Nasdaq:MDCI), a leading supplier of medical and surgical disposable products, today reported financial results for the fourth quarter and the twelve months ended March 31, 2013 (such twelve month period, "Fiscal Year 2013").

For the fourth quarter of Fiscal Year 2013, the Company reported net sales of $107.9 million, gross profit of $18.9 million or 17.5% of net sales, and net income of $0.7 million or $0.04 per diluted share. The Company generated EBITDA, as adjusted, of $6.8 million (2). These gross profit, net income and EBITDA, as adjusted, results represent significant improvements versus the comparable results for the same period of fiscal 2012. On a non-GAAP basis, excluding several adjustments described below, the Company generated non-GAAP net income of $1.2 million (1) or $0.08 (1) per diluted share.

For Fiscal Year 2013, the Company reported net sales of $441.6 million, gross profit of $72.4 million or 16.4% of net sales, EBITDA, as adjusted, of $20.7 million (2) and a net loss of $54.9 million or $3.35 per diluted share. The net loss related principally to the impairment of goodwill, previously disclosed in the third quarter of Fiscal Year 2013 and revised in the fourth quarter of Fiscal Year 2013, of $57.0 million, net of revision and income tax benefit, determined in connection with the Company's annual goodwill impairment test. On a non-GAAP basis, excluding several adjustments described below, the Company generated non-GAAP net income of $3.9 million (1) or $0.24 (1) per diluted share.

Additionally, on May 17, 2013, the Company entered into a credit agreement (the "New Credit Agreement") with Wells Fargo Bank, National Association. The New Credit Agreement provides for a maximum borrowing capacity of $65.0 million consisting of term and revolving loans. A portion of the proceeds from the New Credit Agreement was used to repay all amounts owed under the Company's prior credit agreement (the "Prior Credit Agreement"). The New Credit Agreement removed certain restrictive covenants and other obligations to which the Company was subject under the Prior Credit Agreement and will generally result in lower interest rates. During Fiscal Year 2013, the Company reduced the balance outstanding under the Prior Credit Agreement by $23.0 million.

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