Misonix (MSON) Seeks Extension to File Form 10-K; Names Interim CFO

Misonix, Inc. (NASDAQ: MSON) announced that it filed a Form 12b-25 (the "Filing") today with the Securities and Exchange Commission indicating that Misonix likely will not be in a position to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2016 within the 15-day extension period provided in Rule 12b-25(b) under the Securities Exchange Act of 1934.

The Filing stated that the Audit Committee of the Company has determined that deficiencies existed in the Company's internal control over financial reporting at June 30, 2016. The Audit Committee is still considering whether or not the deficiencies constitute one or more material weaknesses in the Company's internal control over financial reporting at such date. Notwithstanding its determination, the Audit Committee has no current information to suggest that the Company's previously reported financial statements and results are incorrect in any material respect. The filing of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2016 will be delayed pending completion of an investigation relating to these deficiencies being overseen by the Audit Committee. The filing may also be delayed as a result of the appointment effective September 13, 2016 by the Board of Directors of the Company of Joseph Dwyer as interim Chief Financial Officer. Richard A. Zaremba, Senior Vice President and Chief Financial Officer through September 13, 2016, has been appointed Senior Vice President, Finance. The Company is working diligently to resolve these matters and intends to file its Annual Report on Form 10-K as promptly as reasonably practicable.

Preliminary results for the fiscal year ended June 30, 2016 are net sales of $23.1 million and a net loss ranging from $(1.0) million to $(1.3) million for the fiscal year ended June 30, 2016 as compared to net sales of $22.2 million and net income of $5.6 million for the fiscal year ended June 30, 2015, which included a $2.9 million reversal of the valuation allowance previously recorded against deferred tax assets. On a per share basis, such preliminary results represent a net loss per share – basic ranging from $(0.13) to $(0.17) and a net loss per share – diluted ranging from $(0.13) to $(0.17) for the fiscal year ended June 30, 2016 as compared to net income per share – basic of $0.74 and net income per share – diluted of $0.69. The preliminary net loss for the fiscal year ended June 30, 2016 is attributable to higher operating expenses, including higher sales and marketing expense.

You May Also Be Interested In

• Atlassian (TEAM) comes ahead of Street estimates in Q1 but shares tumble
• Business First Bancshares Inc. (BFST) to acquire Oakwood Bancshares
• Western Digital (WDC) Tops Q3 EPS by 42c; offers guidance