CTI Industries Corporation Reports Results for Full Year and Fourth Quarter 2014
Record Sales; Profits Jump 37%
(firmenpresse) - LAKE BARRINGTON, IL -- (Marketwired) -- 03/26/15 -- CTI Industries Corporation (NASDAQ: CTIB), a manufacturer and marketer of novelty balloons, flexible packaging and storage products and printed and laminated films, today announced its full-year results of operations for 2014, as well as for the three months ended December 31, 2014.
at almost $58 million.
to $0.15 per share
Up From 22.5% to 24.6%
For the year ended December 31, 2014, consolidated net sales totaled $57,828,000, compared to consolidated net sales of $56,059,000 for the year ended December 31, 2013, an increase of 3.2%. Sales for 2014 were at an all-time record high for CTI. For the year, CTI achieved net income of $514,000 or $0.16 per share (basic) and $0.15 (diluted), compared to $376,000 or $0.12 per share (basic) and $0.11 (diluted) in 2013, an increase of over 36%.
Consolidated net sales for the fourth quarter of 2014 were $15,180,000 compared to consolidated net sales of $15,200,000 for the fourth quarter of 2013. For the fourth quarter of 2014, CTI had net income of $382,000, $0.12 per share (basic) and $0.11 per share (diluted), compared to net income of $67,000 for the fourth quarter of 2013, $0.02 per share (basic and diluted).
In 2014, net sales rose to the highest level in CTI''s 39 year history, to almost $58 million as sales in both the vacuum sealer system and novelty lines continued to expand.
Net income increased both for the Year and the Fourth Quarter as margins increased and interest expense declined.
Gross margin levels increased from 22.5% in 2013 to 24.6% in 2014. This increase resulted from a decrease in our raw materials costs and increased sales of higher margin products.
CTI Industries Corporation is one of the leading manufacturers and marketers of foil and latex balloons, develops, produces and markets vacuum sealing systems for household use and produces laminated and printed films for commercial uses. CTI markets its products throughout the United States and in a number of other countries.
Statements made in this release that are not historical facts are "forward-looking" statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) 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. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. 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: 26.03.2015 - 05:30 Uhr
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News-ID 1346870
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