- Net sales increased $1.8 million, or 45%, to $6.0 million in the 2011 Quarter due to higher sales of diabetic products, which increased $1.1 million, or 38%, and higher sales of “Other Products”, which increased $0.7 million, or 64%.
- Gross profit increased $0.5 million, or 49%, to $1.4 million in the 2011 Quarter primarily due to the increase in net sales as well as increases in other components of cost of goods sold, offset in part by higher materials costs.
- Selling expenses of $0.4 million decreased $17 thousand, or 4%, in the 2011 Quarter primarily due to lower personnel costs.
- General and administrative expenses increased $0.3 million, or 38%, to $0.9 million in the 2011 Quarter primarily due to higher personnel costs.
- Other (expense) income declined $13 thousand to $6 thousand of expense in the 2011 Quarter due primarily to lower average interest rates on slightly lower cash balances compared to the 2010 Quarter while foreign currency losses decreased slightly.
- Net income was $17 thousand in the 2011 Quarter compared to a net loss of $0.2 million in the 2010 Quarter. The improvement resulted from higher gross profit on higher sales, offset in part by higher operating expenses and slightly higher other expense.
Forward Reports Fiscal 2011 First Quarter Results
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