CTI Industries Corporation Reports Significant Increase in Earnings, Margins and EBITDA for the First Quarter 2015
(firmenpresse) - LAKE BARRINGTON, IL -- (Marketwired) -- 05/11/15 -- 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 2015. Highlights include:
Net Profit Up Over 500% from $45,000 in the First Quarter 2014 to $285,000 in the First Quarter 2015
Earnings Per Share Up from $0.01 in the First Quarter 2014 to $0.09 ($0.08 fully diluted) in the First Quarter 2015
Income from Operations Increased 182% from $326,000 in the First Quarter 2014 to $919,000 in the First Quarter 2015
EBITDA increased from $922,000 in the First Quarter 2014 to $1,372,000 in the First Quarter 2015
Operating Expenses were reduced by 3.2%
The Gross Margin Rate Increased from 23.4% in the First Quarter 2014 to 26.6% in the First Quarter 2015
Consolidated net sales for the three months ended March 31, 2015 were $14,975,000 compared to revenues of $14,920,000 for the same period of 2014. Net income for the period was $285,000, or $0.09 per share (basic) and $0.08 per share (diluted), compared to net income of $45,000, or $0.01 per share for the same period in 2014.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the First Quarter 2015 were $1,372,000 compared to EBITDA of $922,000 for the same period of 2014.
John Schwan, Chief Executive Officer, stated: "We are pleased to be able now to convert the growth in sales we have achieved over the past couple of years to profitability, as we increase gross margins and control operating expenses."
Gross margin rates improved substantially in the First Quarter this year, rising to 26.6% compared to 23.4% for the First Quarter last year. On revenues essentially equal to the First Quarter last year, we generated gross profits of $3,988,000 in the First Quarter this year compared to $3,497,000 in the First Quarter last year. These increases are attributable to (i) increased sales of higher margin products, particularly in the vacuum sealing line, (ii) an increase in the gross margin rates of our Mexico subsidiary, Flexo Universal and (iii) generally higher gross margin rates of a direct sales company marketing household container products which has been consolidated as a variable interest entity.
Net sales of our vacuum sealing line of products remained strong, increasing from $2,781,000 in the First Quarter 2014 to $2,810,000 in the First Quarter this year. Sales of foil and latex balloons were down slightly compared to the First Quarter last year, but remain strong at $9,414,000 for the First Quarter.
Revenues from the sale of our newer lines of products -- Candy Blossoms and Candyloons, and household container products -- increased to almost $2 million in the quarter compared to $1,139,000 in the First Quarter last year.
Operating expenses declined by $102,000 in the First Quarter this year compared to the same period last year.
Total net interest expense for the First Quarter rose to $403,000 compared to $301,000 in the First Quarter last year.
To provide additional information regarding the Company''s results, we have disclosed in this press release EBITDA (Earnings Before Interest Taxes Depreciation and Amortization). The Company defines EBITDA as earnings (loss) before net interest, other expense, taxes, depreciation and amortization expense. The Company has included EBITDA as a supplemental financial measure in this press release because it is a key measure used by management and the board of directors to understand and evaluate the core operating performance of the Company, to prepare budgets and operating plans, and because management believes such measure provides useful information in understanding and evaluating the Company''s operating results. However, use of EBITDA as an analytic tool has its limitations and you should not consider this measure in isolation or as a substitute for analysis of the Company''s financial results as reported under GAAP. A reconciliation to the closest GAAP statement of this non-GAAP measure is contained in the accompanying tables.
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" 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.
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2015 - 04:30 Uhr
Sprache: Deutsch
News-ID 1357688
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
LAKE BARRINGTON, IL
Phone:
Kategorie:
Plastics and fibers
Anmerkungen:
Diese Pressemitteilung wurde bisher 252 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CTI Industries Corporation Reports Significant Increase in Earnings, Margins and EBITDA for the First Quarter 2015
"
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).
