Quarter ResultsNet sales for the third quarter were $109.4 million, down $3.6 million or 3.2% from net sales of $113.0 million for the third quarter of last year. This modest decrease results in part from management's efforts to focus on profitable business and to decrease or eliminate unprofitable or non-core sales. The reported gross profit of $19.1 million, or 17.5% of net sales, represents a record result for the Company while the gross margin percentage is the highest in two years. By comparison, gross profit in the prior year period amounted to $17.1 million or 15.2% of net sales. This improvement in gross profit is the result of management's cost savings initiatives, elimination of unprofitable sales, as well as a reduction in raw material costs.
Medical Action Industries Reports Third Quarter Fiscal 2013 Results
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