Measurement Specialties Announces Strong Results For Quarter And Nine Months Ended December 31, 2010
HAMPTON, Va., Feb. 2, 2011 (GLOBE NEWSWIRE) -- Measurement Specialties, Inc. (Nasdaq:MEAS) (the "Company"), a global designer and manufacturer of sensors and sensor-based systems, announces results for the three and nine months ended December 31, 2010.
The Company reported an increase in consolidated net sales of $18.1 million or 34% to $71.7 million for the three months ended December 31, 2010, as compared to the corresponding period last year. Organic sales, defined as net sales excluding sales attributed to the Pressure Systems Inc. ("PSI") acquisition of $5.3 million, increased $12.8 million or 24%. For the three months ended December 31, 2010, the Company reported income from continuing operations, net of income taxes, of $7.5 million, or $0.49 per diluted share, as compared to income from continuing operations, net of income taxes, of $3.3 million or $0.22 per diluted share, for the same period last year.
The Company reported an increase in consolidated net sales of $52.8 million or 36% to $198.0 million for the nine months ended December 31, 2010, as compared to the corresponding period last year. Excluding sales attributed to the PSI acquisition of $7.2 million, organic sales increased $45.6 million or 31.4%. For the nine months ended December 31, 2010, the Company reported income from continuing operations, net of income taxes, of $19.8 million, or $1.30 per diluted share, as compared to income from continuing operations, net of income taxes, of $1.9 million, or $0.13 per diluted share, for the same period last year.The Company recorded higher amortization expense during the third quarter of fiscal 2011 related largely to the short amortization period of PSI's acquired backlog, which was fully amortized as of December 31, 2010. The Company expects quarterly amortization expense to decline during its fourth quarter by approximately $0.4 million. The Company recorded an income tax provision of $0.9 million for the third quarter of fiscal 2011. During the third quarter, the Company recognized a deferred tax benefit of $3.2 million related to the release of a valuation allowance associated with a deferred tax asset in its German subsidiary, which was in part offset by a U.S. deferred tax expense of $2.8 million relating to distributable foreign earnings. The Company estimates its Effective Tax Rate, excluding discrete tax adjustments, to be 17% for fiscal 2011.
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