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John Oakley, CFO
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Flanders Corporation Reports Second Quarter 2009 Financial Results
- Grew revenue 2.5% compared to second quarter 2008 -
- Increased gross margins 600 basis points compared to second quarter 2008 -
- Delivered $5.6 million in EBITDA, more than doubling second quarter 2008 -
WASHINGTON, NC July 30, 2009 Flanders Corporation (NASDAQ: FLDR) reported financial results for the second quarter ended June 30, 2009.
Flanders Corporations Chairman, president and CEO Harry Smith said: Our second quarter results build upon our achievements and prove the steps taken to improve our business are paying off. As a result of better sales and marketing efforts, we grew second quarter 2009 revenue 2.5%, compared to the same period last year, even though a nationwide drop in June temperatures caused orders to be softer than originally expected. Our backlog for the third quarter is strong, and we are excited about the second half of 2009. We also continue to make great strides in our research and development efforts to improve our current products, introduce new technology and expand our product line with existing customers.
In addition, we are excited to welcome Tom Justice as our new COO. Bringing his 28 years of diverse experience in the air filtration industry to the team, Tom will play an integral role to achieve operational excellence and to develop innovative new products, added Smith.
Financial Summary Second Quarter 2009
Revenue for the second quarter 2009 was $58.7 million, compared to $57.3 million in the second quarter 2008. Gross margin for the first quarter was 21%, compared to 15% in the second quarter 2008. The second quarter 2009 net income was $2.4 million, or $0.09 per diluted share. This compares to the second quarter of 2008 net income of $6.9 million, which included a $6.8 million gain for extraordinary items, or $0.26 per diluted share. EBITDA for the second quarter 2009 was $5.6 million, compared to $2.1 million in the second quarter of 2008.
Management uses some measures not in accordance with generally accepted accounting principles (GAAP) to evaluate the results of the companys operations and believes earnings before interest, taxes, extraordinary items, depreciation and amortization (EBITDA) provides a useful measure of operations.
Flanders Chief Financial Officer John Oakley said: We delivered revenue increases even during the recession, and we are poised to grow in the second half. Equally important, our procurement and procedural measures continue to post results. Second quarter gross margins increased 600 basis points and EBITDA grew $3.4 million to $5.6 million, compared to second quarter 2008. Looking ahead, we are adjusting our guidance to reflect continuing economic conditions in commercial & industrial. Nonetheless, we are still quite optimistic about growth and profitability in 2009.
The following information was filed by Flanders Corp on Thursday, July 30, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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