NEW YORK (TheStreet) -- IntriCon (IIN) soared more than 40% to a one-year high of $6.95 on Tuesday after the body-worn device manufacturer reported increases in revenue and net income in its first-quarter results.
The company reported net sales of $17.3 million, its best quarterly figure in more than five years. This marked a 22.5% year-over-year increase from $14.1 million. Net income totaled $517,000, or 9 cents per diluted share, compared to a net loss of $471,000, or 8 cents per diluted share, in the same quarter one year earlier.
Gross profit margin rose year over year to 27.6% from 26.7%.
Net income from continuing operations was $787,000, or 14 cents per diluted share, up from a net loss of $23,000 in the same period a year ago. Net loss from discontinued operations totaled $270,000, or 5 cents per diluted share, compared to a net loss of $448,000, or 8 cents per diluted share, in the same quarter one year ago. This included a loss of $120,000, or 2 cents per diluted share, from the sale of IntriCon Tibbetts Corporation, the company's wholly-owned subsidiary based in Camden, Maine.
"We are very pleased with our first-quarter performance-we delivered double-digit top-line gains across all of our businesses and returned to profitability," said President and CEO Mark S. Gorder in a statement. "With our restructuring plan behind us and its significant cost reductions, we're focused on driving business with our key medical and hearing health customers, and pursuing our highest potential growth opportunities: value hearing health and medical biotelemetry."