CTI Industries Corporation Reports Second Quarter 2012 Financial Results
(firmenpresse) - LAKE BARRINGTON, IL -- (Marketwire) -- 08/13/12 -- 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 second quarter of 2012 and for the six month period ended June 30, 2012.
Consolidated net sales for the second quarter of 2012 were $11,816,000 compared to consolidated net sales of $11,965,000 for the second quarter of 2011, a decrease of 1.2%. The Company had a net loss of $78,000 or $0.02 per share (basic and diluted) for the second quarter of 2012 compared to net income of $13,000 or $0.00 per share (basic and diluted) for the second quarter of 2011.
For the six month period ended June 30, 2012, consolidated net sales were $25,624,000 compared to $24,662,000 for the same period in 2011, an increase of 3.9%. For this six month period in 2012, net income was $311,000 or $0.10 per share (basic and diluted) compared to net income of $310,000, or $0.10 per share (basic and diluted) for the same period of 2011.
Gross margin rates in the second quarter and six months of 2012 were 19.9% and 21.3%, respectively. In the second quarter and six months of 2011, the gross margin rates were 17.3% and 18.4% respectively.
Net sales of foil balloons decreased by 1.2% in the second quarter compared to the same period of 2011, from $5,578,000 to $5,513,000. For the six month period, sales of foil balloons increased by 4.1% compared to the same period of 2011, from $11,977,000 to $12,465,000.
For the second quarter 2012, net sales of pouch products were down 1.5% from the second quarter 2011, from $1,707,000 in the second quarter 2011 to $1,682,000 in the second quarter 2012. For the six months ended June 30, 2012, pouch sales were $3,612,000 compared to $3,861,000 for the same period of 2011, a decrease of 6.4%. Pouch sales for the second quarter and the six months did not include significant sales of the new branded line of vacuum sealing machines or pouches which were first introduced in the first quarter 2012.
During the second quarter 2012, sales of latex balloon products increased by 4.1% from $2,725,000 in the second quarter 2011 to $2,837,000. For the six month period, sales of latex balloons increased by 16% compared to the same period in 2011, from $4,821,000 to $5,591,000.
Operating expenses increased in both the second quarter 2012 and six months ended June 30, 2012 over the same periods in the prior year. As a percentage of revenues, operating expenses increased from 15.4% of sales in the six months ended June 30, 2011 to 17.9% of sales for the same period in 2012. This increase principally reflects our investment in infrastructure and personnel related to our new branded vacuum sealer and pouch line of products.
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.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 13.08.2012 - 04:30 Uhr
Sprache: Deutsch
News-ID 1141564
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
LAKE BARRINGTON, IL
Phone:
Kategorie:
Food
Anmerkungen:
Diese Pressemitteilung wurde bisher 160 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CTI Industries Corporation Reports Second Quarter 2012 Financial Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
CTI Industries Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
