Medical Action Industries Reports Second Quarter Fiscal 2011 Results
Medical Action Industries Inc. (NASDAQ: MDCI), a supplier of medical and surgical disposable products, today reported results for the fiscal 2011 second quarter ended September 30, 2010.
Net sales for the fiscal 2011 second quarter were a record $85,948,000, an increase of $10,888,000, or 14.5%, above the $75,060,000 in net sales reported for the comparable three months of fiscal 2010. Net sales for the most recent quarter included $14,138,000 in custom procedure tray sales generated by AVID Medical, Inc. subsequent to its acquisition by Medical Action on August 27, 2010. Excluding the impact of the AVID transaction, Medical Action’s net sales for the three months ended September 30, 2010 were $71,810,000, representing a decline of $3,250,000, or 4.3%, from the comparable prior year period, but were also $5,014,000, or 7.5%, higher than net sales reported for the previous quarter ended June 30, 2010.
Net income for the fiscal 2011 second quarter was $469,000 or $.03 per basic and diluted share, versus $3,987,000 or $.25 per basic and diluted share reported for the comparable three months of fiscal 2010.
Net sales for the six months ended September 30, 2010 were $152,744,000, an increase of $6,997,000, or 4.8%, from the $145,747,000 in net sales reported for the comparable six months ended September 30, 2009. Net income for the six months ended September 30, 2010 was $965,000, or $0.06 per basic and diluted share, compared to the $7,637,000, or $0.48 per basic and diluted share, reported for the comparable six months of fiscal 2010.“With the successful acquisition of AVID, our management team is now fully focused on executing our integration strategy,” said Chief Executive Officer and President Paul D. Meringolo. “With this transaction, we are addressing two important goals: expanding our product lines and significantly enhancing our sales capabilities, which should enable us to increase sales, grow margins and enhance cash flow. The addition of AVID’s custom procedure trays broadens our range of product offerings and establishes a greater clinical presence in both acute care facilities and surgery centers throughout the country. This expansion strengthens our position and relevancy within our markets and is another step forward in positioning Medical Action for future growth in our clinical and patient care product portfolios.”
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