EMRI News
EMRISE Announces 2012 Second Quarter, Six-month Financial Results
2012-08-14 08:45 ET - News Release
Net Sales Up 27% and 10%, Respectively; Reports Quarterly Profit; Reconfirms Financial Guidance for 2012 DURHAM, N.C., Aug. 14, 2012 /PRNewswire/ -- EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced significantly improved financial results for the Company's second quarter and first six months ended June 30, 2012. Chairman and CEO Carmine T. Oliva said the execution of EMRISE's turnaround strategy remained on track as the Company continued to make considerable operational and financial progress during the second quarter and first six months of this year. EMRISE reported much improved sales in the 2012 second quarter driven by a significant increase in sales at its Electronic Devices business units, combined with a substantial improvement in sales at its French Communications Equipment business unit. Overall net sales in the quarter increased 27 percent to $8.6 million from $6.8 million in last year's second quarter, and were up sequentially 14 percent from net sales of $7.5 million in this year's first quarter. For the first six months of 2012, overall net sales increased approximately 10 percent year over year to $16.1 million, compared to $14.7 million in the first six months of 2011. Gross margins for the 2012 second quarter and first six months improved year over year, and order bookings continued to be strong as backlog at the end of the 2012 second quarter was up from the backlog at the end of the 2012 first quarter and the end of last year. EMRISE also reported significant year-over-year declines in operating loss for the second quarter and first six months of 2012 and, due in part to a gain from the
