This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Span-America Reports Results For Second Quarter Of Fiscal 2011

Span-America Medical Systems, Inc. (NASDAQ:SPAN) today reported its results for the second fiscal quarter ended April 2, 2011. Net income for the second quarter of 2011 was $1.1 million, or $0.37 per diluted share, compared with $1.2 million, or $0.44 per diluted share, in the second quarter of fiscal 2010. Net sales for the second quarter of 2011 rose to $13.5 million compared with net sales of $13.1 million in the second quarter of fiscal 2010.

“Span-America’s sales increased in the second fiscal quarter to $13.5 million on the strength of a new customer for consumer bedding products,” stated Jim Ferguson, president and chief executive officer of Span-America Medical Systems. “The growth in consumer sales offset lower medical segment sales that were affected by soft demand for our therapeutic support surfaces. The change in sales mix from last year also reduced earnings compared with the second quarter of fiscal 2010 due to the shift toward lower-margin consumer product lines.

“We are encouraged about the second half of this fiscal year based on our improvement in sales and earnings from the first quarter to the second quarter, increased customer interest in our medical support surface product lines and new medical products recently introduced. We expect that higher demand for our medical products will be a key driver in improving our earnings in the second half of fiscal 2011,” continued Mr. Ferguson.

Second Quarter Results

Second quarter sales for fiscal 2011 rose 2% to $13.5 million compared with $13.1 million in the second quarter of last year. The 2% sales growth since last year was due to higher sales of consumer bedding products, which are part of the custom products segment.

Total medical sales decreased 6% to $8.9 million compared with $9.5 million in last year’s second quarter. The majority of the sales decline in the medical segment came from our lines of therapeutic support surfaces, particularly among our high-end, powered products, which have been the products most affected by the economic downturn. Total support surface sales, including powered and non-powered products, were down 11% in the second quarter to $5.3 million compared with $6.0 million in the second quarter of last year. Second quarter support surface sales included $211,000 in sales of our new Custom Care® product line that was launched in the first quarter of this fiscal year.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.91 +93.33 0.53%
S&P 500 2,081.34 +12.58 0.61%
NASDAQ 4,997.4590 +5.5190 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs