Span-America Medical Systems, Inc. (NASDAQ:SPAN) today reported growth in sales and net income for the fourth quarter and fiscal year ended September 29, 2012. The company reported that fourth quarter sales rose 30% to $17.8 million, and net income increased 67% to $1.5 million, or $0.51 per diluted share, compared with the fourth quarter of the prior fiscal year. For the full year of fiscal 2012, sales rose 45% to $76.1 million, and net income increased 41% to $5.2 million, or $1.77 per diluted share, compared with fiscal 2011. The 2012 results include the contribution from M.C. Healthcare that was acquired in December 2011.
“Span-America’s improved results for fiscal 2012 benefited from solid growth from our medical and custom products segments and the contribution of M.C. Healthcare that we acquired in the first quarter of this fiscal year,” stated Jim Ferguson, president and CEO of Span-America Medical Systems. “We are very pleased with our operating results across all segments of our business and expect continued growth in fiscal 2013 based on our current outlook.
“We remain very positive about our medical segment based on our plans to continue integrating Span-America’s therapeutic support surfaces with M.C. Healthcare’s medical bed frames. We have increased our research and development efforts to expand our product lines in the medical segment and enhance our existing products. We also plan to add new product offerings by combining our therapeutic support surfaces and medical bed frames. We believe these new products will increase our market opportunities with new customers and enhance our cross-selling efforts with existing customers,” continued Mr. Ferguson.
Fourth Quarter ResultsSales for the fourth quarter of fiscal 2012 increased 30% to $17.8 million compared with $13.7 million in the same quarter last year. The $4.1 million increase in sales included $2.2 million in sales growth from Span-America’s existing medical and custom products segments and $1.9 million in sales from the M.C. Healthcare acquisition. Medical segment sales rose 30% to $11.7 million in the fourth quarter of fiscal 2012 compared with $9.0 million in the fourth quarter last year. Sales in the custom products segment increased 29% to $6.1 million compared with $4.7 million in the fourth quarter of fiscal 2011.
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