XRite has doubledigit growth
X-Rite Inc. (NASDAQ:XRIT) announced its financial results for the fourth quarter and full fiscal year ended Jan. 1. The results reflect broad market strength across all regions and indicate growing success of the company's go-to market initiatives to bring new products and services to an expanding marketplace.
Reported net sales for the fourth quarter were $59 million, a 17.8 percent increase versus the prior year. Three month earnings per fully diluted share in the quarter were 5 cents per share. The company's net sales for the full year were $222.7 million, an increase of 16.2 percent versus prior year net sales of $191.7 million. Twelve month earnings per fully diluted share were 4 cents compared to a loss of 33 cents per share for 2009.
The company's sales for the year increased in all core product lines and geographic regions. Leading year-over-year growth were the company's Industrial, Imaging and Media, and Standards product lines, which increased by 22.8, 18.3 and 16.0 percent, respectively. X-Rite experienced growth in all regions of the world, including increases in Asia Pacific, Europe and the Americas of 21.1, 18.1 and 11.7 percent, respectively, versus 2009.
"The strong fourth quarter sales, operating performance and financial results capped a very solid fiscal year,” said Thomas J. Vacchiano Jr., CEO. “The year represented a period of accelerating progress on the product and market development fronts with several new product introductions, customer design wins and market initiatives, all delivered while continuing to enjoy a strong financial performance with marked improvement in operating income, cash flow and debt reduction."
With the cost reductions achieved in 2009 and continued cost management in 2010, the company successfully leveraged higher sales into substantially improved financial results. Full year and fourth quarter 2010 operating income of $29 million and $9 million, respectively, reflected a dramatic increase compared to the prior full year and fourth quarter operating income of $3.8 and $1.5 million, respectively.