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Caesarstone Reports Second Quarter 2012 Results

Stocks in this article: CSTE

Eleventh graph, first sentence of release should read: Adjusted net income attributable to controlling interest for this year’s second quarter was $12.0 million, or $0.35 per diluted share (sted Adjusted net income attributable to controlling interest for this year’s second quarter was $12.0 million, or $0.37 per diluted share). In table marked, Caesarstone Sdot-Yam Ltd. and its subsidiaries, the three months ended June 30, 2012, adjusted diluted EPS should read $0.35 (sted $0.37) and for the six months ended June 30, 2012 adjusted diluted EPS should read $0.63 (sted $0.66).

The corrected release reads:

Caesarstone Reports Second Quarter 2012 Results

Caesarstone Sdot-Yam Ltd. (NASDAQ:CSTE), a manufacturer of high quality engineered quartz surfaces, today reported financial results for its second quarter ended June 30, 2012.

Revenues in the second quarter of 2012 increased by 14.2% to $75.4 million compared to $66.0 million in the same quarter in the prior year. Growth in revenues was predominantly driven by strong performance in the United States and Canada, up 60.0% and 27.5%, respectively, compared to the prior year. Pro forma for its May 17, 2011 acquisition of Caesarstone USA, second quarter consolidated revenues increased 7.8% and United States revenues increased 25.8%. Consolidated revenue growth was partially offset by the impact of a stronger US Dollar. On a constant currency basis, second quarter revenue growth was 20.1% and pro forma revenue growth was 13.3%.

Yosef Shiran, Chief Executive Officer, commented, “We are pleased to report record quarterly performance for both sales and net income. Our results were led by growth in the United States, which is now our largest market and which remains our most compelling growth opportunity. The results reflect the successful implementation of our strategy. We are continuing to invest in processes and infrastructure around the world and are confident that we can leverage these investments to drive significant value for our shareholders.”

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