Medical Action Industries Reports Third 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 third quarter ended December 31, 2010.
Net sales for the fiscal 2011 third quarter were $104,477,000 an increase of $31,301,000 or 43%, above the $73,176,000 in net sales reported for the comparable three months of fiscal 2010. Net sales for the most recent quarter included $33,104,000 in custom procedure tray sales generated by AVID Medical, Inc. which was acquired by Medical Action on August 27, 2010. Excluding sales of custom procedure trays, Medical Action’s net sales for the three months ended December 31, 2010 were $71,373,000 representing a decline of $1,803,000 or 2%, from the comparable prior year period.
Net income for the fiscal 2011 third quarter was $2,304,000 or $0.14 per basic and diluted share, versus $4,010,000 or $0.25 per basic and diluted share reported for the comparable three months of fiscal 2010.
Net sales for the nine months ended December 31, 2010 were $257,221,000 an increase of $38,298,000 or 17%, from the $218,923,000 in net sales reported for the comparable nine months of fiscal 2010. Net income for the nine months ended December 31, 2010 was $3,269,000 or $0.20 per basic and diluted share, compared to the $11,647,000 or $0.72 per basic and diluted share, reported for the comparable nine months of fiscal 2010. Included in net income for the nine months ended December 31, 2010 were an extraordinary loss of $1,455,000 or $0.05 per basic and diluted share (net of applicable tax benefit), due to weather-related water damage at an off-site warehouse used to store finished goods inventory and one time transaction costs of $1,335,000 or $0.05 per basic and diluted share (net of applicable tax benefit) related to the acquisition of AVID Medical, Inc.“Our management team remains focused on completing the integration of AVID Medical, Inc.,” said Chief Executive Officer and President, Paul D. Meringolo. “While there remains work to be done to fully execute our integration strategies, we are very pleased with our progress. We have completed the consolidation of our sales teams and will finish integration of manufacturing operations during our fiscal fourth quarter. We are now engaged in activities focused on growing sales of custom procedure trays, as well as our existing product lines through our fully staffed sales and marketing teams.”
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