Net sales for the first quarter of fiscal 2009 were $151.2million, up $9.7m, or 6.9%, over the same period in the prior year “solidly reflecting the positive impact of the company’s diverse geographic and end user markets,” it said.
Income from continuing operations in the first quarter of fiscal 2009 was $11.8m, up 12.6% from $10.5m in the first quarter of fiscal 2008. On a per diluted share basis, income from continuing operations was $0.61, a 10.9% increase over $0.55 from last year’s first quarter.
Net income, which includes discontinued operations, was $9.7m for the fiscal 2009 first quarter compared with net income of $9.5m in the first quarter of fiscal 2008, reflecting losses from the discontinued Univeyor operations of $2.2m and $1.1m, respectively. On a per diluted share basis, fiscal 2009 first quarter net income was $0.50, consistent with $0.50 in the same period last year.
Timothy Tevens, president and CEO, said: “A key element of our growth strategy has been to drive the top line with investments in new markets around the world. These efforts are paying off with strong product and brand expansion, which is driving double digit growth in international markets.”
He added: “The growth is primarily from emerging economies in Eastern Europe, Asia and Latin America, as well as in the established markets of Western Europe. In addition, our targeted marketing activities in the United States and internationally are resulting in success with the products which serve the energy industry and those in global infrastructure development, among others. Despite a slowed economic environment in the US, sales in the first quarter outpaced the same period last year,” Tevens concluded.
