Net income for the third quarter was $9.1m compared with net income of $1.4m in the same quarter of the previous year. Net income per share was $0.48 on 19 million average diluted shares. Net income per share for the fiscal 2006 third quarter was $0.08 per share on 17.3 million average diluted shares.
Favourable results in the company’s products segment (89.3% of consolidated net sales) were partially offset by unfavourable mix and pricing pressure within the solutions segment (10.7% of consolidated net sales).
Timothy Tevens, CM president and CEO, said: “Overall, we are pleased with this quarter’s results as the strength of our products segment and further debt reduction enabled us to achieve continued improvement in sales and profitability despite disappointing results from our solutions business.”
He added: “The products segment continues to see mid-to-high single digit sales growth and improving margins. Within this segment, we are especially pleased with the 33% growth in sales in our CM Europe operations. To support current and future sales growth, we continue to strategically increase our domestic and international sales and marketing efforts and resources as well as new product development investments around the globe,” said Tevens.
