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

Medical Action Industries Reports Second Quarter 2012 Results

Medical Action Industries Inc. (NASDAQ/MDCI), a leading supplier of medical and surgical disposable products, today reported results for the fiscal 2012 second quarter ended September 30, 2011.

Net sales for the second quarter of fiscal 2012 were $109,655,000, an increase of $23,707,000, or 28%, compared to the $85,948,000 in net sales reported for the comparable prior year period. Net sales for the second quarter of fiscal 2012 included $34,485,000 in custom procedure tray sales generated by AVID Medical Inc. (“AVID”), which was acquired by Medical Action on August 27, 2010. Excluding sales of custom procedure trays, Medical Action’s net sales for the second quarter of fiscal 2012 were $75,170,000, representing an increase of $3,360,000, or 5%, from the comparable prior year period.

Net income for the second quarter of fiscal 2012 was $554,000 or $0.04 per basic and diluted share, versus the $469,000, or $0.03 per basic and diluted share, reported for the comparable prior year period. Included in net income for the second quarter of fiscal 2012 was an extraordinary gain of $700,000 or $0.03 per basic and diluted share (net of applicable tax expense), due to an insurance settlement related to inventories damaged as a result of weather-related flooding. Included in net income for the second quarter of fiscal 2011 were one-time transaction costs of $1,335,000. These costs were included in our selling, general and administrative expenses and related to the acquisition of AVID.

Net sales for the six months ended September 30, 2011 were $216,128,000, an increase of $63,384,000 or 42% from the $152,744,000 in net sales reported for the comparable six months of fiscal 2011. Net sales for the six months ended September 30, 2011 included $68,082,000 in custom procedure tray sales generated by AVID. Excluding sales of custom procedure trays, Medical Action’s net sales for the six months ended September 30, 2011 were $148,046,000, representing an increase of $9,440,000 or 7% from the comparable prior year period.

1 of 4

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
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs