Business News
Gerber Scientific Announces Fiscal 2008 Fourth Quarter and Full Year Results
Thursday 19. June 2008 - Gerber Scientific, Inc. (NYSE:GRB) today reported net income for the quarter ended April 30, 2008 of $6.1 million, or $0.26 per diluted share, on revenue of $173.7 million, compared with net income of $5.6 million, or $0.24 per diluted share, on revenue of $155.1 million for the fourth quarter ended April 30, 2007.
A decline in the exchange rates of the US dollar to other currencies had the effect of increasing revenue by approximately $12.9 million in the fourth quarter of fiscal 2008 as compared with the fourth quarter of fiscal 2007.
For the fiscal year ended April 30, 2008, the Company reported net income of $14.5 million, or $0.61 per diluted share, on revenue of $640.0 million. For the fiscal year ended April 30, 2007, the Company reported net income of $13.5 million, or $0.58 per diluted share, on revenue of $574.8 million. A decline in the exchange rates of the US dollar to other currencies had the effect of increasing revenue by approximately $37.1 million for the year ended April 30, 2008 as compared with the year ended April 30, 2007.
The Company generated $1.6 million in cash flows provided by operations, less capital expenditures, for fiscal 2008 as compared with a cash usage of $3.7 million in fiscal 2007.
Gerber Scientific President and Chief Executive Officer, Marc T. Giles, commented, “Gerber delivered solid fourth quarter and full year fiscal 2008 financial results, growing both revenue and earnings from the prior year. Excluding the favorable impact of foreign currency translation, revenue growth was driven by strong organic growth in our Spandex distribution business, success of new products, our acquisition of Data Technology and continued expansion in Asia. We were able to improve our business performance despite some key new product delays, most notably the Solara ion(TM), not fully achieving our expected targeted cost reductions through lean initiatives and challenging market conditions particularly in the Ophthalmic segment.”
Giles continued, “Looking ahead, although global economic uncertainty is evident, we currently expect significant growth in both revenue and profitability in fiscal year 2009. We expect this growth to be achieved through the anticipated success of the recently commercialized Solara ion and other new products, as well as gaining momentum and traction against our manufacturing cost reduction initiatives through the execution of lean principles under the direction of our new leadership in this area.”