The company disclaims any intent or obligation to update publicly these forward-looking statements whether as a result of new information, future events or otherwise.
Now I’ll turn the call back over to Tom.
Thanks Tom. Overall the first quarter contained several noteworthy points. We grew consolidated sales over the first quarter of last year by 5.4%, in spite of some difficulties due to adverse weather and the continuing unemployment conditions.
This sales performance combined with cost management yielded $0.16 earnings per share, excluding the cost associated with our relocation. This equates to a 14.3% growth over last years first quarter, and I’d like to add that the relocation is tracking on plan and we still anticipate a move-in date of about mid August. This quarter makes the 17
consecutive quarter, where we have met or exceeded first call estimates.
Now I’ll turn it over to George, our Chief Financial Officer, who will review our financial results and balance sheet changes in detail.
Thank you Tom. Good morning everyone and thank you for joining us. I’ll comment on the income statement first. Q1 was another solid quarter for the company. The important take away is on our operations are as possible.
We met estimates as Tom mentioned, recording $0.16 excluding relocation cost. Our operation income increased by 7.5%, and our margin improved by 20 basis points, excluding the relocation cost.
You may recall that our operating margin actually declined 10 basis points last year in the first quarter, so we are pleased with these results, and it puts us in good position for the balance of the year.
Our sales increased by 5.4%. Patient Care made up a significant potion of the increase, with a 3.6% increase in same-center sales, and our distributing segment reported a 4.3% increase.