XRite earnings improve

August 16, 2010
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X-Rite Inc. (NASDAQ: XRIT) financial results for the second quarter ended July 3 showed strong sales growth across all sectors and regions.

Second quarter net sales increased by 15.7 percent to $57.1 million compared to $49.4 million for the second quarter of fiscal 2009. Second quarter adjusted EBITDA increased $2.7 million, or 22.1 percent, to $14.9 million. Adjusted EBITDA was 26.1 percent of sales versus 24.8 percent of sales in the prior year second quarter.

Second quarter income from operations and net income improved by $5.7 million and $9.5 million to $8.2 million and $1.9 million, respectively, resulting in second quarter EPS of $0.02 per diluted share.

"The positive momentum in our business this year continued into the second quarter with very solid growth in both sales and profitability," said Thomas J. Vacchiano Jr., CEO. "This reflects the improving economic picture in many of our markets as well as success from our new sales, marketing and product initiatives. One highlight here is the 26.1 percent growth of our Asia Pacific market. Furthering our commitment to the Asia Pacific region, the company has recently announced Dr. Iris Mangelschots, a successful company sales and marketing leader, as president of X-Rite Asia Pacific region.”

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