Misonix (MSON) Files to Extend Time on 10-Q Submission; Prelim. Q1 Loss Results Wider Y/Y
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Misonix, Inc. (Nasdaq: MSON) announced that it filed a Form 12b-25 (the "Filing") today with the Securities and Exchange Commission indicating that Misonix will not be in a position to file its Quarterly Report on Form 10-Q for the first fiscal quarter ended September 30, 2016 within the 5-day extension period provided in Rule 12b-25(b) under the Securities Exchange Act of 1934.
Misonix, Inc. previously reported that, as a result of an investigation being overseen by its Audit Committee related to deficiencies in the Company's internal control over financial reporting at June 30, 2016, the filing by the Company of its Annual Report on Form 10-K for the fiscal year ended June 30, 2016 would be delayed. This investigation, which includes an investigation of previously disclosed potential questions under the Foreign Corrupt Practices Act, is ongoing and, as a result, the filing of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2016 also will be delayed pending completion of the investigation. As a result of the foregoing, the Company will not be in a position to file its Quarterly Report on Form 10-Q within the 5-day extension period provided in Rule 12b-25(b). The Company is working diligently to resolve these matters and intends to file its Quarterly Report on Form 10-Q and its Annual Report on Form 10-K as promptly as reasonably practicable. Management currently believes that the Company will be in a position to file the aforementioned reports not later than January 31, 2017.
Preliminary results for the first fiscal quarter ended September 30, 2016 are net sales of $6.2 million and a net loss of approximately $0.5 million to $0.7 million, compared with net sales of $5.3 million and net loss of $0.2 million for the first fiscal quarter ended September 30, 2015. The results for the first fiscal quarter ended September 30, 2016 include a charge of approximately $0.5 million for professional fees relating to the Company's investigation into matters relating to the deficiencies in internal control over financial reporting. On a per share basis, such preliminary results represent a net loss per share - basic and diluted for the first fiscal quarter ended September 30, 2016 ranging from $(0.06) to $(0.09), compared to a net loss per share - basic and diluted of $(0.03) for the first fiscal quarter ended September 30, 2015.
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