SALEM, N.H. (AP) ¿ Shares of Standex International Corp. soared Thursday after the diversified manufacturer said its fiscal fourth-quarter profit rose 4.5 percent despite weaker sales amid the economic downturn.
Net income for the three months ended June 30 climbed to $5.7 million, or 45 cents per share, from $5.4 million, or 44 cents per share, during the year-earlier period.
Revenue slid 23 percent to $139.9 million from $180.8 million.
"Our fourth-quarter results clearly demonstrated that our cost reduction initiatives are having a very significant positive impact on our bottom line performance," Roger Fix, president and CEO, said in a statement."This performance, despite lower sales, was the result of our recent cost-reduction measures as well as our ongoing strategy to increase margins through Lean initiatives, productivity improvements and plant consolidations," he said. For the full year, the company reported a loss of $5.4 million, or 44 cents per share, from a profit of $18.5 million, or $1.49 per share. Shares of Standex rose $3.41, or 23.1 percent, to $18.19 in afternoon trading. The stock has ranged from $7.85 to $30 over the past year.