Aug 3 2011
Medical Action Industries Inc. (NASDAQ/MDCI), a leading supplier of medical and surgical disposable products, today reported results for the fiscal 2012 first quarter ended June 30, 2011.
Net sales for the first quarter of fiscal 2012 were $106,473,000, an increase of $39,677,000, or 59%, compared to the $66,796,000 in net sales reported for the comparable prior year period. Net sales for the first quarter of fiscal 2012 included $33,597,000 in custom procedure tray sales generated by AVID Medical Inc., which was acquired by Medical Action on August 27, 2010. Excluding sales of custom procedure trays, Medical Action's net sales for the first quarter of fiscal 2012 were $72,876,000, representing an increase of $6,080,000, or 9%, from the comparable prior year period.
Net income for the first quarter of fiscal 2012 was $263,000 or $0.02 per basic and diluted share, versus the $496,000, or $0.03 per basic and diluted share, reported for the comparable prior year period.
"Our management team is focused on growing sales and enhancing our product and service offerings while improving operational efficiencies," said Chief Executive Officer and President Paul D. Meringolo. "Net sales have increased from the comparable prior year period and the fourth quarter of fiscal 2011. We are pleased with the progress made in increasing sales and with the momentum our sales team has generated in the market," Meringolo said. "Raw material costs, particularly resin and cotton, continue to influence our gross margins. In response to rising material costs we have continued to implement price increases on product lines with high resin and cotton components while managing our operating expenses."