Mesa Labs Reports Quarterly Sales And Earnings
For the quarter, DataTrace sales decreased 10 percent compared to the same period last year, while sales decreased 16 percent for the nine month period compared to the same period last year. This business is recovering as the capital spending environment improves. DataTrace sales during the most recent 6 months (Q2 and Q3 of this fiscal year) increased 16% compared to the previous 6 month period (Q4 of FY'09 and Q1 of FY'10), which was during the worst part of the recession in terms of capital spending. Although this product line is not back to pre-recession levels, the trend is encouraging. For the quarter and first nine month periods, sales of the newer Micropack RF products have increased significantly, indicating a shift away from the older Micropack III loggers to the newer technology.
During the third quarter and first nine months of fiscal 2010 sales of Raven biological indicator products increased four percent and eight percent, respectively, compared to the prior year period. The increase in Raven sales for both the quarter and nine month periods was due to increases in sales of the biological indicator and chemical indicator products, which were partially offset by decreases in accessories and contract consulting.
Profitability for the third quarter and nine month periods of fiscal 2010 was down compared to the prior fiscal year due to the small decrease in revenues and a shift in overall product mix between the instrument and Biological Indicator product lines. The shift in product mix, along with a more competitive pricing environment for the DataTrace products suppressed gross margins, which was not fully offset by reduced operating expenses. For the quarter and first nine month periods, net income decreased five percent during each period, when compared to the prior year.
During the first nine months of fiscal 2010, the Company repurchased 11,328 shares of our common stock under a previously announced buyback plan for approximately $263,000. In addition, the Company had a remaining commitment of approximately $158,000 for Vibrac inventory, which was paid in January, 2010, and $100,000 for holdbacks to be paid to Vibrac LLC, which is due in December, 2010.Mesa Laboratories develops, acquires, manufactures and markets electronic instruments and disposables for industrial, pharmaceutical and medical applications.
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