IntriCon Reports Stronger 2010 Second-Quarter Results
IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of body-worn medical devices, today announced financial results for its second quarter ended June 30, 2010.
For the second quarter, the company reported net sales of $14.9 million, an increase of 16.6 percent from net sales of $12.8 million for the prior-year period. Net income in the 2010 second-quarter was $269,000, or $0.05 per diluted share, versus a net loss of $598,000, or $0.11 per diluted share, for the prior-year period.
IntriCon reported 2010 second-quarter income from continuing operations—which consists of the company’s body-worn device business (medical, hearing health and professional audio communications)—of $404,000, or $0.07 per diluted share. Second-quarter results from discontinued operations in 2010 were a net loss of $135,000, including the $35,000 gain on the sale of RTI Electronics, or $0.02 per diluted share.
On May 28, 2010, the company completed the previously announced divestiture of its non-core electronics business, Anaheim, Calif.-based RTI Electronics, Inc. IntriCon sold substantially all of the assets of the business to an affiliate of Shackleton Equity Partners, a Los Angeles-based private equity group. The company received $850,000 in cash and reported a $35,000 gain on the sale of RTI Electronics in the second quarter.“We’re pleased with our second-quarter performance—delivering both year-over-year and sequential top- and bottom-line gains,” said Mark S. Gorder, president and chief executive officer of IntriCon. “Moreover, the sale of RTI Electronics allows us to focus on our core body-worn business. “Medical continued to post record revenues, rising 19 percent from the previous year. Once again, medical gains were the result of continued sales of wireless glucose monitors and the addition of sales from our proprietary cardiac diagnostic monitoring devices, or CDMs. Currently, CDM sales consist of digital holter monitors designed for continuous electrocardiograph (ECG) data recording. Additionally, the wireless glucose monitors we manufacture for a large medical OEM are first- and second-generation devices. We are actively involved with this customer for future development of next-generation wireless glucose monitors.”
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