Kentwood-based X-Rite Inc. (Nasdaq: XRIT) reported sharply higher sales and profits in the fourth fiscal quarter and fiscal year that ended Jan. 1.
For the quarter, net income was $4 million or five cents a share, up from $500,000 or less than a penny a share in the fourth quarter of the prior fiscal year. Fourth quarter sales were $59 million, up 17.8 percent from $50.1 million in the fourth quarter of the prior fiscal year.
For the year, net income was $3.6 million or four cents a share, vs. a loss of $25.2 million or 33 cents a share in the prior fiscal year. Revenue for the fiscal year was $222.7 million, up from $191.7 million in the prior fiscal year.
X-Rite said the results reflect broad market strength across all regions and indicate growing success of the company’s market initiatives to bring new products and services to an expanding marketplace. Leading year-over-year growth were the company’s industrial, imaging and media, and standards product lines, which increased by 22.8, 18.3, and 16.0 percent, respectively. For the year, the company experienced growth in all regions of the world, including increases in Asia Pacific, Europe and the Americas of 21.1, 18.1, and 11.7 percent, respectively, vs. 2009.
“The strong fourth quarter sales, operating performance and financial results capped a very solid fiscal year,” said X-Rite CEO Thomas J. Vacchiano Jr. “The year represented a period of accelerating progress on the product and market development fronts with several new product introductions, customer design wins, and market initiatives, all delivered while continuing to enjoy a strong financial performance with marked improvement in operating income, cash flow, and debt reduction.”
The company said cost reductions and working capital efficiencies contributed to the profit turnaround in 2010.
To listen in on a replay of the conference call discussing the results, visit http://ir.xrite.com.
X-Rite develops, manufactures, markets and supports color measurement systems, software, color standards and services. X-Rite’s expertise in inspiring, selecting, measuring, formulating, communicating and matching color helps users get color right the first time and every time, which translates to better quality and reduced costs. X-Rite serves a range of industries, including printing, packaging, photography, graphic design, video, automotive, paints, plastics, textiles, dental and medical.