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Medical Action Industries Reports First Quarter Fiscal Year 2014 Results

Stocks in this article: MDCI

BRENTWOOD, N.Y., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Medical Action Industries Inc. (the "Company") (Nasdaq:MDCI), a leading supplier of medical and surgical disposable products, today reported financial results for the first quarter ended June 30, 2013, including net sales of $107.2 million and gross profit of $17.7 million or 16.5% of net sales. The Company generated net income of $0.3 million or $0.02 per diluted share and EBITDA, as adjusted of $4.5 million. The reported gross profit, net income and EBITDA, as adjusted results represent increases versus the comparable results for the same period of fiscal year 2013.

Paul D. Meringolo, Chief Executive Officer, said, "As in recent quarters, our cost savings initiatives, the elimination of unprofitable sales and a reduction in raw material costs continue to be the key drivers behind the profitability improvements we are reporting today. I am extremely pleased at our management team's ability to manage these improvements without compromising their focus on delivering exceptional service and value to our customers. I continue to be excited about the numerous obtainable profit improvement initiatives we have identified which should yield further near-term improvement in financial results and continue to enhance stockholder value."

First Quarter Results of Fiscal Year 2014

Net sales for the first quarter of fiscal year 2014 were $107.2 million, down $5.0 million or 4.5% from net sales of $112.2 million for the first quarter of fiscal year 2013. This 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 $17.7 million, or 16.5% of net sales, represents an improvement over the gross profit reported in the prior year period of $16.9 million or 15.1% of net sales. This improvement in gross profit is the result of management's cost savings initiatives, elimination of unprofitable sales and a reduction in raw material costs.

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