SYRACUSE, N.Y., Oct. 23, 2012 (GLOBE NEWSWIRE) -- Anaren, Inc. (Nasdaq:ANEN) today reported net sales for the fiscal 2013 first quarter ended September 30, 2012 of $39.1 million, up 0.9% from $38.7 million for the first quarter of last year.
GAAP (U.S. generally accepted accounting principles) net income for the first quarter of fiscal 2013 was $2.9 million, or $0.21 per diluted share, compared to $2.5 million, or $0.17 per diluted share for the first quarter of last year.
Non-GAAP diluted earnings per share, excluding non-cash equity based compensation and intangible asset amortization, was $0.27 for the first quarter of fiscal 2013 compared to non-GAAP diluted earnings per share of $0.23 for the first quarter of fiscal 2012.GAAP operating income for the first quarter of fiscal 2013 was $4.0 million, or 10.2% of net sales, compared to $3.6 million, or 9.3% of net sales for the first quarter of last year. Non-GAAP operating income for the first quarter of fiscal 2013, which excludes non-cash equity based compensation and intangible asset amortization, was $5.3 million, or 13.6% of net sales, up 9.4% from $4.8 million, or 12.5% of net sales for the first quarter of fiscal 2012. Income taxes for the first quarter of fiscal 2013 were $1.3 million, representing an effective tax rate of 32.0% compared to income tax expense of $1.1 million for the first quarter of fiscal 2012, representing an effective tax rate of 30.7%. The projected effective tax rate for fiscal 2013, absent one-time events, is expected to be approximately 32.0%. Lawrence A. Sala, Anaren's Chairman, President and CEO said, "We were pleased to see continuing sequential quarterly sales growth and improved profitability for the quarter. Non-GAAP operating income improved more than 9% from first quarter fiscal year 2012 levels, as a result of both the higher sales volume and the actions taken last year to reduce operating expenses."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV