CTI Industries Corporation First Quarter 2012 Financial Results
(firmenpresse) - LAKE BARRINGTON, IL -- (Marketwire) -- 05/07/12 -- 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 first quarter of 2012.
Consolidated net sales for the first quarter of 2012 were $13,807,000 compared to consolidated net sales of $12,698,000 for the first quarter of 2011, representing an increase of 8.7%. The Company earned net income of $389,000 or $0.12 per share (basic and diluted) for the first quarter of 2012 compared to net income of $297,000 or $0.09 per share (basic and diluted) for the first quarter of 2011.
"The first quarter was a great start for 2012," said Stephen Merrick, Chief Financial Officer. "Our results were strong at all levels, including sales, margins and profits."
Gross margins increased significantly compared to the first quarter 2011. The gross margin rate for the first quarter 2012 was 22.4% compared to a rate of 19.5% for the first quarter 2011. Gross margins improved as a result of moderation in the cost of some raw materials, increased pricing on some products and a shift in the mix of products sold to products carrying better margins. This improvement in margin rates was a principal factor in the increase in profits for the first quarter 2012.
Revenues from the sale of foil balloons increased by 8.6% compared to the first quarter 2011, from $6,399,000 in the first quarter 2011 to $6,951,000 in the first quarter 2012.
Revenues from the sale of latex balloons increased by 31.4% from $2,096,000 in the first quarter 2011 to $2,754,000 in the first quarter 2012.
Pouch revenues declined by 10.4% in the first quarter 2012 compared to the first quarter 2011. This decline was due to a decline in the sale of zippered pouches from $1,487,000 to $897,000. However, sales of open-top pouches and rolls, for use with sealing machines, continued to increase from $667,000 in the first quarter 2011 to $1,033,000 in the first quarter 2012.
Sales of laminated film products declined by 4.8% from $1,745,000 in the first quarter 2011 to $1,661,000 in the first quarter 2012.
Statements made in this release that are not historical facts are "forward-looking" statement (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: 07.05.2012 - 04:30 Uhr
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News-ID 1111043
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