"Additionally, we continue to see the underlying strength of our OEM business, as evidenced by the 13% growth in our top line and the 1.8% improvement in our gross margin in the 2013 quarter. The higher gross margin primarily reflects the cost savings achieved through the restructuring of our Asia-based sourcing and quality assurance operations, which more than offset a decline in the gross margin of our Diabetic products business. While we anticipate continued challenges related to the volatility of our product mix and the impact on our gross margins, we are pleased that our Asia-based sourcing agent has made meaningful progress in improving the quality of our products and diversifying our supplier base. We believe these to be two of the critical components to achieving our goal of restoring our gross margins to levels seen as recently as fiscal 2010, insofar as they better position us to negotiate reduced material costs with our suppliers and manage pricing, quality, and service challenges we face with our customers."The tables below are derived from the Company's audited, consolidated financial statements included in its Annual Report on Form 10-K filed today with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Company's results of operations and financial condition relating to the fiscal years ended September 30, 2012 and 2011. Please also refer to the Form 10-K for a discussion of risk factors applicable to the Company and its business.
Forward Reports Fiscal 2013 First Quarter Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts