EMRISE Corp., a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today posted its financial results for the third quarter ended September 30, 2011.
The company reported third quarter 2011 net sales of $9.1 million, a 16 percent increase compared to net sales from continuing operations of $7.8 million in the third quarter of 2010.
Net income for the third quarter of 2011 was $14,000, or $0.00 per basic and diluted share, compared to a net loss of $1.1 million, or $0.11 loss per basic and diluted share, reported in the third quarter of 2010.
Overall gross profit, as a percentage of sales, was 30 percent in the third quarters of 2011 and 2010.
As of September 30, 2011, EMRISE’s cash and equivalents totaled $1.5 million as compared to $3.7 million at December 31, 2010. EMRISE largely attributes the decline in cash to the company’s successful efforts to increase inventories in 2011 in preparation for increased shipments in the second half of this year. Working capital at September 30, 2011 was $7.8 million.
The company reported a backlog of $27.0 million as of September 30, 2011, up 45 percent from $18.6 million as of September 30, 2010. EMRISE said it believes the solid backlog positions the company for continued revenue growth.
“With our significantly improved performance in this year’s third quarter, which essentially produced a breakeven quarter, and our strong backlog, we believe that the increased level of revenue we expect in the 2011 fourth quarter will allow us to meet our announced goal of profitability for the fourth quarter and to achieve our previously announced guidance of $33 million to $35 million in revenue for 2011,” EMRISE chairman and CEO Carmine T. Oliva stated in the press release.
Oliva said the company is encouraged by the third quarter performance, which was a flip from the company’s expectations of a third-quarter loss due to a significant cancellation of a $1.2 million purchase order.
“I am pleased to report that our focus on shipping our backlog, new revenue orders and the effective actions taken at each of our operating units as part of our announced plan to minimize the impact of the cancellation were key to our reporting a significantly reduced loss from continuing operations,” Oliva stated.
For more information visit www.emrise.com
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