Mesa Laboratories Inc. (MLAB, Financial) filed Quarterly Report for the period ended 2012-12-31.
Mesa Laboratories, Inc. has a market cap of $175.261 million; its shares were traded at around $52.28 with a P/E ratio of 21.4592 and P/S ratio of 4.2753. The dividend yield of Mesa Laboratories, Inc. stocks is 1.02%. Mesa Laboratories, Inc. had an annual average earning growth of 18.2% over the past 10 years. GuruFocus rated Mesa Laboratories, Inc. the business predictability rank of 5-star.
During the three months ended December 31, 2012, we determined that we have a potential liability for state sales taxes. The ultimate amount due will depend upon a number of factors, including the amount of sales that were made to customers who already paid the tax or who are exempt, and any penalties and interest. We recorded an estimate of $100,000, which is included in other accrued expenses on the accompanying condensed balance sheets, and general and administrative expense in the accompanying condensed statements of income. This estimate may change as further analysis is completed and sales tax returns are filed. During the three months ended December 31, 2011, we determined that we had a separate liability for state sales taxes and recorded an estimate of $250,000. During the three months ended June 30, 2012, we settled the liability and determined that no additional liability was required. We continue to evaluate our exposure in additional states, but at this time the amount of the potential liability, if any, is not estimable.
Instruments revenues for the three and nine months ended December 31, 2012 increased as compared to the prior year as a result of the Bios Acquisition, partially offset by lower revenues from the legacy Instruments product lines. The decrease in revenue from the legacy Instrument product lines is due to cyclical variability on a quarter by quarter basis.
Instruments gross profit for the three and nine months ended December 31, 2012 increased as compared to the prior year as a result of the Bios Acquisition, partially offset by lower gross profit from the legacy Instrument product lines. The decrease in gross profit from the legacy Instrument product lines is due to cyclical variability of sales on a quarter by quarter basis which also affects the absorption of fixed costs in any given quarter.
Net income varied consistently with the growth in revenues, gross profit and operating expenses. Other expenses, consisting primarily of interest expense, remained relatively flat. Our effective income tax rate decreased period over period as the goodwill associated with the Bios Acquisition is deductible for tax purposes. After filing our tax returns for the year ended March 31, 2012, however, we revised our estimate of the annualized effective income tax rate in the three month period ended December 31, 2012. This resulted in an increase to our effective income tax rate from other previously reported periods in the year ending March 31, 2013. As of January 1, 2013, we will begin paying a 2.3% medical device excise tax on the domestic sales of a majority of our medical instruments and biological indicators.
Read the The complete Report
Mesa Laboratories, Inc. has a market cap of $175.261 million; its shares were traded at around $52.28 with a P/E ratio of 21.4592 and P/S ratio of 4.2753. The dividend yield of Mesa Laboratories, Inc. stocks is 1.02%. Mesa Laboratories, Inc. had an annual average earning growth of 18.2% over the past 10 years. GuruFocus rated Mesa Laboratories, Inc. the business predictability rank of 5-star.
Highlight of Business Operations:
Approximately $390,000 and $1,210,000, respectively, of customer payments for shipping services were reclassified from cost of revenues to revenues in the condensed statements of income for the three and nine months ended December 31, 2011. This reclassification affected revenues and cost of revenues, but had no other impact on amounts in the accompanying condensed statements of income.During the three months ended December 31, 2012, we determined that we have a potential liability for state sales taxes. The ultimate amount due will depend upon a number of factors, including the amount of sales that were made to customers who already paid the tax or who are exempt, and any penalties and interest. We recorded an estimate of $100,000, which is included in other accrued expenses on the accompanying condensed balance sheets, and general and administrative expense in the accompanying condensed statements of income. This estimate may change as further analysis is completed and sales tax returns are filed. During the three months ended December 31, 2011, we determined that we had a separate liability for state sales taxes and recorded an estimate of $250,000. During the three months ended June 30, 2012, we settled the liability and determined that no additional liability was required. We continue to evaluate our exposure in additional states, but at this time the amount of the potential liability, if any, is not estimable.
Instruments revenues for the three and nine months ended December 31, 2012 increased as compared to the prior year as a result of the Bios Acquisition, partially offset by lower revenues from the legacy Instruments product lines. The decrease in revenue from the legacy Instrument product lines is due to cyclical variability on a quarter by quarter basis.
Instruments gross profit for the three and nine months ended December 31, 2012 increased as compared to the prior year as a result of the Bios Acquisition, partially offset by lower gross profit from the legacy Instrument product lines. The decrease in gross profit from the legacy Instrument product lines is due to cyclical variability of sales on a quarter by quarter basis which also affects the absorption of fixed costs in any given quarter.
Net income varied consistently with the growth in revenues, gross profit and operating expenses. Other expenses, consisting primarily of interest expense, remained relatively flat. Our effective income tax rate decreased period over period as the goodwill associated with the Bios Acquisition is deductible for tax purposes. After filing our tax returns for the year ended March 31, 2012, however, we revised our estimate of the annualized effective income tax rate in the three month period ended December 31, 2012. This resulted in an increase to our effective income tax rate from other previously reported periods in the year ending March 31, 2013. As of January 1, 2013, we will begin paying a 2.3% medical device excise tax on the domestic sales of a majority of our medical instruments and biological indicators.
Read the The complete Report
