X-Rite Announces 1Q Results, Net Sales of $21 Million
Press release from the issuing company
GRANDVILLE, Mich.--April 18, 2002--X-Rite, Incorporated, a leading global provider of precision devices, systems and processes that measure color, light and shape, today announced its financial results for the first quarter ended March 29, 2002.
The Company reported first quarter net sales of $21.0 million, 17.4 percent less than last year's first quarter of $25.4 million. The Company posted a net loss of $259 thousand, or 1 cent per share compared with net income of $2.4 million, or 11 cents per share for the same period last year.
Commenting on the quarter, Rich Cook, X-Rite, Incorporated's chief executive officer, said, "Revenue increased 4.1 percent over the fourth quarter of 2001 from $20.1 million, and losses were reduced to 259 thousand from $2.7 million. These both display positive growth after a challenging year in 2001. The markets we serve are starting to show signs of recovery, and we have received solid affirmation from our customers and partners that X-Rite solutions are a strategic part of their future. Capital spending in this very unpredictable global economy continues to be weak, but we are confident our sales and marketing efforts will be rewarded."
The Company recently announced that it played a major part in the changes The Wall Street Journal made in adding color to its front page. While our involvement in the newspaper industry is not new, this change by The Journal highlighted the value we bring to the newsprintprocess.
* Coatings -- (industrial, automotive paints, retail paint-matching) -- The manufacturing recession is showing signs of recovery, and we are seeing a slow rebound in our industrial markets. We are particularly pleased with renewed strength in our retail paint-matching customers who are reporting growth, expanding with new locations, and adding/upgrading paint-matching capabilities. We are providing retailers with new products like ColorDesigner(TM) which began shipping this quarter. This new product includes features such as "Color Harmony,""Paint My Room"and "Paint Problem Solver"making the paint business even more profitable for our customers.
* Graphic Arts -- (digital imaging, printing, photo) -- Driven by advertising revenue, these markets are stable, and beginning to evidence some growth. We continue to provide product enhancements and build strong partner relationships to protect our "preferred vendor"position in these competitive business areas.
* Laboratory -- (laboratory instruments) -- Sales of our custom test and measurement equipment are not yet showing signs of recovery particularly in the telecom and semiconductor markets. We believe a return to double digit growth in this portion of our business is tied to capital goods spending trends.
* Biodiagnostics -- (x-ray diagnostics, dental vision system) -- The launch of our proprietary dental system, ShadeVision(TM), continues to be central to this growth area of our business. During the quarter, we have received strong dental laboratory and practitioner endorsements bolstering our market penetration. We believe revenue will grow sequentially at a faster pace throughout the year.
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