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Relm Releases Quarterly and Full-Year Financials (3/4/10)
Relm Wireless announced its financial and operating results for the quarter and year ended Dec. 31.
For the year, sales increased about $8.8 million, or 46 percent, to about $28 million, compared with $19.2 million for 2008. Net income for the year was $2.4 million or $4 million above last year's net loss of $1.6 million. Gross profit margin for 2009 improved to 48.8 percent of sales, versus 47.3 percent of sales in the previous year.
For the quarter ended Dec. 31, sales increased about $2.3 million, or 63.5 percent, to about $5.8 million, compared with $3.6 million for the same quarter in 2008. Net income for the quarter was approximately $700,000 higher than last year's net loss of $300,000. Gross profit margin for the fourth quarter 2009 improved to 50 percent of sales.
For the year, cash increased about $2.2 million to $7.7 million, after repaying the $1.5 million balance that was outstanding at the start of the year on its revolving credit facility. Trade receivables at year-end increased about $2 million during the year. The company also reduced net inventories by about $3.2 million over the course of 2009.
“We were pleased to close the year with a solid fourth quarter that included noteworthy sales wins with the U. S. Department of Defense and being designated as a potential supplier under an important new contract with the U.S. Internal Revenue Service,” said Relm President and CEO David Storey. “Much of the sales growth was realized through new customers, such as the Department of Defense (DoD), and through our new KNG products — positive indicators that we are successfully raising awareness of Relm in the market and customers are embracing our products and the value that we offer.”
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