CEO Timothy Tevens said: “Fiscal 2007 marks our third consecutive year of sales growth and margin expansion, as well as our ninth consecutive year of debt reduction.”
In summary:
– Fiscal year 2007 sales grew 6% to $590 million; operating margin expanded 120 basis points to 11.6%
– Fourth quarter sales grew 7% to $157 million; operating margin expanded 100 basis points to 12.5%
– Fourth quarter products segment sales grew 9% to $143 million; operating margin expanded 230 basis points to 15.0%
– Fourth quarter and full year pro forma net income of $11.2 million and $36.0 million, respectively; increase 33% and 50%, respectively, compared with the fourth quarter and full year of fiscal 2006, all on a pro forma basis
– Debt, net of cash, at 33.8% of total capitalisation on March 31 2007 compared with 44.5% a year before
– Annual interest expense down $8.2 million, or 33.4%, from lower debt levels
CM CEO Timothy Tevens CM CEO Timothy Tevens
