October 27, 2004, pffc-online.com
GRANDVILLE, MI, USA — X-Rite Inc. recently announced its third quarter (2004) financial performance. According to the manufacturer of color measurement technology, X-Rite grew its operating income 117 percent over the same period measured last year (2003).
The company reported net sales of $27 million (US) for the third quarter of 2004 compared to $26.8 million in the third quarter last year, an increase of 1.1 percent. Operating income increased 117 percent to $1.4 million for the quarter, compared to $0.6 million in the prior year. Gross margins increased to 65 percent in the third quarter of 2004 (compared to 62.5 percent in 2003) due to product mix, hardware and software bundling, and manufacturing efficiencies. Operating income was 5.1 percent of sales in the third quarter of 2004 as compared to 2.4 percent in the prior year period. Net income for the three months was $1.5 million, or 7 cents per diluted share versus $0.3 million and 1 cent per diluted share for the comparable period last year.
X-Rite adds, with the growth in Q3 2004, the company has experienced nine straight quarters of "year-over-year" sales growth.
Learn more about X-Rite's financials and products at x-rite.com.