CTI Industries Corporation Reports Second Quarter 2011 Financial Results
(firmenpresse) - LAKE BARRINGTON, IL -- (Marketwire) -- 08/12/11 -- CTI Industries Corporation (NASDAQ: CTIB), a manufacturer and marketer of flexible packaging and storage products, laminated films and novelty balloons, today announced its results of operations for the second quarter of 2011 and for the six month period ended June 30, 2011.
Consolidated net sales for the second quarter of 2011 were $11,965,000 compared to consolidated net sales of $12,964,000 for the second quarter of 2010, a decrease of 7.7%. The Company earned net income of $13,000 or $0.0 per share (basic and diluted) for the second quarter of 2011 compared to net income of $607,000 or $0.21 per share (basic) and $0.20 (diluted) for the second quarter of 2010.
For the six month period ended June 30, 2011, consolidated net sales were $24,662,000 compared to $25,375,000 for the same period in 2010, a decrease of 2.8%. For this six month period in 2011, net income was $310,000 or $0.10 per share (basic and diluted) compared to net income of $1,206,000, or $0.43 per share (basic) and $0.42 (diluted) for the same period of 2010.
The principal factor in the decline in net income for the quarter and six months ended June 30, 2011 compared to the same periods of 2010 is the reduction in the gross margin rate. The gross margin rates in the second quarter and six months of 2010 were 22.2% and 23.3%, respectively. In the second quarter and six months of 2011, the gross margin rates were 17.3% and 18.4%, respectively. This reduction in gross margin rates was due principally to increases in the cost of goods which resulted principally from (i) significant increases in the costs of raw materials, particularly latex, plastic sheeting and resin and (ii) increases in shipping costs.
Net sales of foil balloons decreased by 10.9% in the second quarter compared to the same period of 2010, from $6,262,000 to $5,578,000. For the six month period, net sales of foil balloons decreased by 1.6% from $12,167,000 in the six months ended June 30, 2010 to $11,977,000 for the same period of 2011.
For the second quarter of 2011, net sales of pouch products were down 23.3% from the second quarter of 2010, from $2,225,000 in the second quarter of 2010 to $1,707,000 in the second quarter of 2011. For the six months ended June 30, 2011, pouch sales were $3,861,000 compared to $5,266,000 for the same period of 2010, a decrease of 26.7%.
During the second quarter of 2011, sales of latex balloon products increased by 17.6% to $2,725,000 from sales of $2,318,000 in the second quarter of 2010. For the six months ended June 30, 2011 sales of latex balloons were $4,821,000 compared to sales of $4,145,000 in the same period of 2010, an increase of 16.3%.
Operating expenses were down modestly in both the second quarter of 2011 and the six months ended June 30, 2011 over the same periods in the prior year. As a percentage of revenues, operating expenses declined from 16.0% of sales in the six months ended June 30, 2010 to 15.4% of sales for the same period in 2011.
Statements made in this release that are not historical facts are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. Factors that could cause results to differ are identified in the public filings of the Company with the Securities and Exchange Commission. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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Datum: 12.08.2011 - 04:30 Uhr
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