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 Fourth Quarter And Fiscal Year 2011

Span-America Medical Systems, Inc. (NASDAQ:SPAN) today reported its results for the fourth quarter and fiscal year ended October 1, 2011. The company reported fourth quarter 2011 sales of $13.7 million and net income of $910,000, or $0.32 per diluted share. Sales for fiscal year 2011 were $52.6 million, and net income was $3.7 million, or $1.30 per diluted share.

“Span-America reported a 3% increase in medical segment sales in the fourth quarter of fiscal 2011 compared to the fourth quarter of last year due to increased demand for our proprietary therapeutic support surfaces,” stated Jim Ferguson, president and CEO of Span-America Medical Systems. “The growth in medical sales was offset by lower custom products segment sales that decreased 7% compared with the fourth quarter of fiscal 2010 due to a successful sales promotion last year with a large customer that was not repeated in the fourth quarter of this year.

“Our fourth quarter 2011 earnings were down from fourth quarter last year due primarily to higher raw material and administrative costs compared with the prior year. We expect sales and earnings to improve in fiscal 2012 based on increasing demand for our new products, customer promotions scheduled, the potential for a significant large-corporate order in the medical segment and the expectation of more stable raw material pricing,” continued Mr. Ferguson.

Fourth Quarter Results

Sales for the fourth quarter of fiscal 2011 decreased 1% to $13.7 million compared with $13.8 million in the same quarter last year. Medical sales rose 3% to $9.0 million in the fourth quarter of fiscal 2011 compared with $8.7 million in the fourth quarter last year. Sales in the custom products segment were down 7% to $4.7 million compared with $5.1 million in the fourth quarter of fiscal 2010.

The majority of the sales growth in the medical segment came from our product lines of therapeutic support surfaces, where sales increased 8% to $5.7 million compared with $5.3 million in the same quarter last year. Most of the sales growth came from the PressureGuard® Easy Air® low-air-loss product line, our new Custom Care® therapeutic support surfaces and higher volume of Geo-Mattress® therapeutic support surfaces, including the newly introduced Geo-Mattress UltraMax™.

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs