X-Rite Bounces Back To Profit On Sales Growth
Kentwood-based X-Rite Inc. (Nasdaq: XRIT) Wednesday announced net income of $1.9 million or 2 cents a share for its second fiscal quarter ended July 3, vs. a loss of $7.6 million or 10 cents a share in the same quarter a year earlier.
Second quarter net sales increased by 15.7 percent to $57.1 million from $49.4 million in the second quarter of fiscal 2009.
For the six months, the company reported a loss of $200,000 or less than 1 cent a share, up from a loss of $16.3 million or 21 cents a share in the first half of 2009. Revenue was $108.3 million, up from $96 million a year earlier.
Also for the six months, cash flow was $18.6 million or 17.2 percent of sales. The company paid down debt by $17 million in the first half.
The company reported strong sales growth across all sectors and all regions.
“The positive momentum in our business this year continued into the second quarter with very solid growth in both sales and profitability,” said Thomas J. Vacchiano Jr., X-Rite CEO. “This reflects the improving economic picture in many of our markets as well as success from our new sales, marketing, and product initiatives. One highlight here is the 26.1 percent growth of our Asia Pacific market. Furthering our commitment to the Asia Pacific region, the company has recently announced Dr. Iris Mangelschots, a highly successful company sales and marketing leader, as president of X-Rite Asia Pacific region.”
To listen to a replay of a conference call discussing the results, visit www.xrite.com click on the About Us tab and select Investor Relations.
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