X-Rite, Incorporated, a leading global provider of precision measurement devices, systems and processes that measure color, light and shape, anounced its financial
results for the fourth quarter and year-ended Dec. 8, 2002.
The Company reported record fourth quarter net sales of U.S. $30.9 million, compared to last year’s net sales of $20.1 million in the same period. Operating income for the quarter was $4.8
million, compared to an operating loss of $1.5
million in the prior year. The Company reported net income for the quarter of $3.7 million, or $0.18 per share, compared to a net loss of $2.7 million, or $0.12 per share for the
same period last year.
For the year-ended Dec. 28, 2002, net sales were $98.5 million, compared to net sales of $91.7 million for the same period last year. Operating income for the year was $6.4 million,
an increase from $2.1 million over the prior
year. XR Ventures’ investment write-downs and a goodwill impairment charge resulted in a net loss for the year of $9.4 million, or $0.47 per share, compared with net income of $1.9 million, or 9 cents per share for the prior year.
"Our fourth quarter net sales were the best in the Company’s history, an important achievement given the business environment we all faced in 2002," said Rich Cook, chief executive
officer of X-Rite, Incorporated. "Many factors
contributed to our success, including increased customer focus, improved accountability, product development initiatives and strategic partnerships with key players in our
marketplaces. We enjoy the support of many global
customers who believe in our products and the value they offer. We believe an economic recovery in small equipment capital spending will benefit us in 2003 and promote a healthier business environment in our markets."
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