Elecsys Posts 2nd Quarter Financial Results
Dec 13, 2012 (Close-Up Media via COMTEX) --
Elecsys Corp., a provider of machine to machine (M2M) communication technology solutions, data acquisition systems, and custom electronic equipment for critical industrial applications worldwide, announced the financial results for its second fiscal quarter ended October 31.
In a release on December 10, the Company reported that sales for the quarter were $6,138,000, which was almost identical to the $6,133,000 in sales during the second quarter of fiscal 2012. Total sales year-to-date decreased 12 percent, or $1,411,000, to $10,395,000. The overall decrease in year-to-date sales was the result of decreased sales experienced during the first quarter of the year.
Operating income for the quarter was $700,000, compared to operating income of $483,000 for the same quarter in the prior year. For the first six months of fiscal 2013, operating income was $471,000, a decrease from $871,000 reported in the first six months of fiscal 2012.
Net income was $413,000, or $0.11 per diluted share, for the quarter ended October 31. For the quarter ended October 31, 2011, net income was $278,000, or $0.07 per diluted share. For the six-month period ended October 31, net income totaled $252,000, or $0.06 per diluted share, while for the comparable prior year period net income was $491,000, or $0.13 per diluted share.
Sales of proprietary products and services were $3,148,000 for the quarter ended October 31, an increase of 33 percent, or $787,000 from the previous year quarter. Proprietary product sales increased $130,000, or 3 percent, to $4,854,000 for the six-month period ended October 31, compared to $4,724,000 in the comparable period of the prior fiscal year. Sales of wireless remote monitoring and industrial data communication solutions increased almost 22 percent, or $393,000, from the previous year to $2,192,000 for the current quarter. This overall increase in sales was driven by increased customer orders for Watchdog remote monitoring equipment and recurring data management services combined with increased sales of Director series products. In addition, sales of Radix and eXtremeTAG mobile data acquisition solutions increased by $417,000, or 97 percent, for the period as compared to the prior year.
Sales for the Company's custom Electronic Manufacturing Services (EMS) business segment decreased 21 percent to approximately $2,990,000 for the quarter ended October 31, a decrease of $782,000 from $3,772,000 in the prior fiscal year. Fiscal year-to-date EMS sales were $5,541,000, a decrease of 22 percent, or $1,541,000, from $7,082,000 in the six-month period ended October 31, 2011.
Karl B. Gemperli, Chief Executive Officer, said, "We are pleased to report this latest fiscal quarter which reflects revenue growth, enhanced gross margin, and a substantial increase in earnings compared to last year. Sales increased 44 percent over the first quarter with strong growth in our proprietary products and services, including our wireless remote monitoring, secure industrial communication, and mobile data acquisition product sales. Elecsys continued to reliably deliver innovative, dependable products to our select OEM partners during the quarter as we build stable, long-term business in our electronic design and manufacturing services segment."
Gemperli continued, "With the return of meaningful growth in our national economy still uncertain, we are steadfast in our resolve to expand Elecsys through targeted strategic investments. We remain committed to developing new products and technologies and expanding sales of both proprietary and OEM products into new markets with substantial new business potential. Although economic uncertainties still abound, we anticipate positive trends in both revenues and earnings during the coming quarters."
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