Measurement Specialties Announces Record Results For Quarter And Six Months Ended September 30, 2010

HAMPTON, Va., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announces results for the three and six months ended September 30, 2010.

The Company reported an increase in consolidated net sales of $17.2 million or 36% to $65.2 million for the three months ended September 30, 2010, as compared to the corresponding period last year. Excluding sales from the recent Pressure Systems Inc. ("PSI") acquisition, organic sales increased $15.4 million or 32%. For the three months ended September 30, 2010, the Company reported income from continuing operations, net of income taxes, of $6.8 million, or $0.45 per diluted share, as compared to income from continuing operations, net of income taxes, of $0.1 million or less than $0.01 per diluted share, for the same period last year. 

The Company reported an increase in consolidated net sales of $34.7 million or 38% to $126.3 million for the six months ended September 30, 2010, as compared to the corresponding period last year. For the six months ended September 30, 2010, the Company reported income from continuing operations, net of income taxes, of $12.3 million, or $0.82 per diluted share, as compared to a loss from continuing operations, net of income taxes, of $1.4 million, or $0.10 per diluted share, for the same period last year. 

The overall increase in sales for the three and six months ended September 30, 2010 is largely attributable to improvements in overall global economic conditions, expanded share of existing and new customers from broader product adoptions and new programs, as well as sales from our recent acquisition of PSI. The increase in income from continuing operations for the three and six months ended September 30, 2010 primarily reflects the overall increase in sales, improved gross margins due to improved overhead absorption, partially offset by foreign currency exchange losses and the increase in income tax expense. The financial performance during the six months ended September 30, 2010 was adversely impacted by a non-cash, discrete tax adjustment of $0.3 million associated with an IRS audit and settlement, as well as the write-off of deferred financing costs of $0.6 million attributable to the Company's prior credit facility, which was replaced in June 2010. Together, the two items adversely impacted net income by approximately $0.06 per diluted share.