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John C. Oakley
Chief Financial Officer
Flanders Corporation Reports Third Quarter 2009 Financial Results
- Lowered operating expenses 15% compared to third quarter 2008 -
- Delivered $4.6 million in cash flows from operations -
- Delivered $4.8 million in EBITDA, an increase of 44% over third quarter 2008 -
WASHINGTON, NC November 2, 2009 Flanders Corporation (NASDAQ: FLDR) reported financial results for the third quarter ended September 30, 2009.
Flanders Corporations Chairman, president and CEO Harry Smith said: Our third quarter results continue to reflect our positive momentum and validate the Flanders strategy. Although continuing lower temperatures nationwide and soft conditions in commercial markets caused orders to be softer than originally expected, we posted solid results for the third quarter in a row. Recent awards from the MOX project further underscore Flanders position as a leader in the industry.
Financial Summary - Third Quarter 2009
Revenue for the third quarter 2009 was $60.4 million, compared to $61.1 million in the third quarter 2008. Gross margin for the third quarter was 18%, compared to 18% in the third quarter 2008. The third quarter 2009 net income was $1.8 million, or $0.07 per diluted share. This compares to the third quarter of 2008 net income of $.9 million, or $0.03 per diluted share. EBITDA for the third quarter 2009 was $4.8 million, compared to $3.3 million in the third 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 continue to make operational improvements, resulting in progress in the management of our working capital which significantly contributed to our $4.6 million of cash flows from operations in the quarter. Our supply chain improvements continue to post results, however product mix and pricing pressure in both our retail and commercial markets impacted gross margin. Reductions in operating expenses led to EBITDA of $4.8 million, a growth of $1.5 million compared to third quarter 2008. Looking ahead, we are refining our revenue guidance as being between $225 million and $235 million for 2009.
The following information was filed by Flanders Corp on Monday, November 2, 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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