For the second quarter of 2010, the company posted a net loss of $6.45m, or $0.14 per diluted share, compared to $2.44m, or $0.15 per diluted share, for the prior year period. Loss from operations was $5.98m, compared to income from operations of $1.45m for the prior year period.
For the six months ended March 31, 2010, the company posted a net income of $1.37m, or $0.03 per diluted share, compared to $16.19m, or $0.36 per diluted share, for the year ago period. Income from operations was $12.52m, compared to $39.13m for the year ago period.
Net sales were $653.08m for the six months period, compared to $782.63m for the year ago period. Adjusted EBITDA for the six months of 2010 was $29.14m, compared to $56.82m for the same period in 2009.
Robert Buck, chairman and CEO of the company, said: “Our second quarter results fell short of our expectations, although the rate of our sales decline was much less in the second quarter than in the first quarter. We began to see a stronger business trend in most regions late in the quarter and into the third quarter.
“We also faced strong prior year results, which benefited from storm business. However, we reduced our expenses, made an early payment on our debt, became more active with our acquisition program, and saw some encouraging signs in the economy, all of which should help set us up for a stronger second half.”
Will the company improve its performance in Q3?
Have your say and discuss with your peers on the InfoGrok community.
Participate by posting your comments now.
User Comments