IntriCon Corporation (NASDAQ: IIN)
, a designer, developer, manufacturer and distributor of body-worn medical devices, today announced financial results for its 2010 first quarter ended March 31, 2010.
For the first quarter, the company reported net sales of $14.6 million, an increase of 23 percent from net sales of $11.8 million for the prior-year period. 2010 first-quarter net income was $18,000, or $0.00 per diluted share, versus a net loss of $989,000, or $0.19 per diluted share, for the prior-year period.
IntriCon reported 2010 first-quarter income from continuing operations—which consists of the company’s core body-worn device business (medical, hearing health and professional audio communications)—of $178,000, or $0.03 per diluted share. First-quarter results from discontinued operations include a net loss of $160,000, or $0.03 per diluted share.
In December 2009, IntriCon approved and later announced plans to divest its non-core electronics business, Anaheim, Calif.-based RTI Electronics, Inc. As a result, RTI Electronics’ results are now classified as discontinued operations. The divestiture is expected to be completed by mid-2010.
“In what is typically a weak quarter due to seasonality, IntriCon not only delivered significant year-over-year growth, we also grew revenue sequentially from the 2009 fourth quarter,” said Mark S. Gorder, president and chief executive officer of IntriCon. “With 20-plus percent increases over the prior-year first quarter coming from all three of our core businesses, this is a positive start to 2010. Economic uncertainty remains, but we’re cautiously optimistic as we see customers beginning to re-engage.
“For the third straight quarter, our medical business delivered record revenues, growing 23 percent from the prior-year period. Driving medical gains were continued sales of wireless glucose monitors and the addition of sales from our proprietary cardiac monitoring devices. Hearing health revenues rose 22 percent from the first quarter of last year and professional audio communications grew 25 percent. These increases were due primarily to higher demand from our existing customers.”