At this time, I will turn the call over to Steve Dykman.
Good morning and welcome to our second quarter 2012 conference call. We are pleased to report another good quarter with a 15% increase in net sales. As we will review below, you’ll note that the company’s operating expenses are more in line with historic growth rates, however our gross profit margin declined in the second quarter and we are working to stabilize the margin going forward.
I’ll start with net sales. The company reported recorded net sales in the second quarter of 2012 of $280.3 million, a 15% increase compared with net sales of $243 million in the second quarter of 2011. Record net sales of $571 million for the first six months of 2012, a 16% increase compared to with net sales of $493.9 million in the first six months of 2011. We reported operating income in the second quarter of $57.5 million, an 8% increase compared with operating income of $53.2 million in the second quarter of 2011.Operating income of $123 million for the first six months of 2012, a 9% increase compared with net sales of $113.3 million in the first six months of 2011. We reported second quarter 2012 net income of $40.8 million, a 6% increase compared with net income of $38.5 million in the second quarter of 2011. Net income of $87.1 million for the first six months of 2012 an 8% increase compared with net income of $80.8 million in the first six months of 2011.We also reported second quarter 2012 earnings per diluted share of $0.28 compared with $0.27 per share in the second quarter of 2011. Earnings per diluted share of $0.60 for the first six months of 2012 compared with earnings per diluted share of $0.56 for the first six months of 2011. Next we’ll look at automotive net sales and auto-dimming mirror unit shipments. For the second quarter ended June 30, 2012 the total auto-dimming mirror units increased by 19% in the second quarter of 2012 compared with the second quarter last year.Read the rest of this transcript for free on seekingalpha.com
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