X-Rite Reports Record 4th Quarter

PRESS RELEASE

GRANDVILLE, MI—X-Rite announced its financial results for the fourth quarter and fiscal year 2004. Highlights inlcude:

  • Record fourth quarter and full-year sales revenues of $38.8 million and $126.2 million, respectively.
  • Tenth consecutive quarter of year-over-year sales growth.
  • Operating income doubled vs. prior year Q4.
  • Twenty new products launched during fiscal 2004.
  • Sales from new products increased to 36.7% of total revenues.
Fourth quarter revenue increased 0.6% with gross margins at 63.1% compared to 65.2% over the same period last year. Operating income in the fourth quarter increased 100% to $7.9 million compared to $4 million in the prior year. Net income for the quarter was $15.3 million.

For the fiscal year ended January 1, 2005, total revenue was up 7.8% with gross margins at 64.4% versus 63.8% the previous year. Operating income for the fiscal year was $15.8 million, an 81.2% increase over 2003. Net income for the fiscal year 2004 was $12.4 million —or 59¢ per diluted share—versus a net income of $5.5 million—or 27¢ per diluted share—in 2003.

For more information, visit xrite.com.



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