XRite sales jump net loss decreases
X-Rite Inc. (NASDAQ:XRIT) announced third-quarter results last week, with net sales of $55.4 million, or $9.8 million more than the third quarter of last year. Third-quarter income from operations and net loss was $6.9 million and $0.1 million, respectively, compared to the prior year third-quarter numbers of $1.6 million and $9 million.
Adjusted EBITDA in the third quarter was $13.3 million, an increase of 25 percent over 3Q 2009. Adjusted EBITDA was 24 percent of sales compared to 23.3 percent in the prior year quarter.
The improvement was attributed to strong growth in European sales of 29.3 percent, along with sales growth in the industrial and standard product lines in North America and the imaging and media product lines in Asia Pacific.
X-Rite CEO Thomas J. Vacchiano Jr. said the third-quarter sales improvement reflects the company’s increasingly successful new sales, marketing and product initiatives.