Data acquisition systems specialist, Elecsys Corporation has announced its financial results for the fourth quarter and fiscal year ended April 30, 2011.
The company has reported that it has an income of $638,000 before taxes for the quarter compared to a loss before taxes of $29,000 for the same quarter in the prior year. For fiscal 2011, income before taxes was $1,335,000, an improvement of over $2,500,000 from a loss before taxes of $1,187,000 in fiscal 2010.
Apart from that, the company’s net income was shown as $402,000, or $0.10 per diluted share, for the quarter ended April 30, 2011 and for the quarter ended April 30, 2010, the net loss was $20,000, or $0.00 per diluted share. Whereas for the fiscal year ended April 30, 2011, net income totaled to $872,000, or $0.22 per diluted share, while net loss for the comparable prior fiscal year was $674,000, or $0.19 per diluted share.
Karl B. Gemperli, Chief Executive Officer, said that they had a very successful year and are pleased to report results that reflect substantial revenue growth, enhanced gross margins, and significantly improved bottom-line performance compared to the previous year.
Gemperli said that their sales increased by 38% over last year while their efficient operations and lean expenses generated earnings of $0.22 per share and sales of their proprietary products continued to expand while business with their OEM partners strengthened throughout the year.
“We believe that our performance this year is a validation of our strategy of investing towards long-term growth during the recent economic downturn," Gemperli added.
The company has demonstrated a nominal growth with sales improving at 38% and profit increases to $.22 per share for the year. Sales for the Company's Electronic Design and Manufacturing Services ("EDMS") business segment increased 40% to approximately $13,807,000 for the fiscal year ended April 30, 2011, an increase of $3,945,000 from $9,862,000 in the prior fiscal year.
“We plan to continue making targeted investments to advance our industrial M2M solutions, a key component of our future expansion, and anticipate the growth of our proprietary products business to accelerate. Although global market and economic uncertainties still abound, we are looking forward to continuing our growth this coming year. As always, we are thankful for the team of talented and dedicated people at Elecsys who continue to work diligently for our success," Gemperli concluded.