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Financials
For the third quarter ended September 30, 2011, the company achieved record net earnings of $10.8 million, an increase of $2.3 million, or 27.0% over the prior year comparative quarter. The $10.8 million generated diluted net earnings per common share of $0.36 versus $0.29 for the prior year comparable period, an increase of 24.1%. Net sales of $74.4 million were achieved for the quarter which is an increase of 16.5% above the $63.9 million result of the prior year comparative quarter.
Selected Quarterly Financial Data*
| Consolidated Statement of Earnings | ||
| (In thousands, except per share data) | ||
| For the Three Months Ended September 30 (Unaudited), | ||
| 2011 | 2010 | |
| Net sales | $74,439 | $63,910 |
| Gross margin | 22,617 | 20,233 |
| Operating expenses | 7,442 | 7,215 |
| Earnings from operations | 15,175 | 13,018 |
| Other income (expense) | 63 | (73) |
| Earnings before income tax expense | 15,238 | 12,945 |
| Income tax expense | 4,453 | 4,452 |
| Net earnings | $10,785 | $8,493 |
| Basic net earnings per common share | $0.38 | $0.30 |
| Diluted net earnings per common share | $0.36 | $0.29 |
Selected Annual Financial Data*
| (in thousands, except per share data) | |||||
| Year ended December 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
| Statement of Operations Data | |||||
| Net sales | $255,071 | $219,438 | $232,050 | $176,201 | $100,905 |
| Earnings before income tax expense | 50,131 | 40,602 | 28,431 | 24,829 | 19,101 |
| Income tax expense | 16,854 | 13,817 | 9,381 | 8,711 | 6,823 |
| Net earnings per common share | 33,277 | 26,785 | 19,050 | 16,118 | 12,278 |
| Basic earnings per commons share | $1.19 | $0.98 | $0.71 | $0.61 | $0.47 |
| Diluted earnings per common share | $1.12 | $0.93 | $0.67 | $0.58 | $0.45 |
| December 31, | 2010 | 2009 | 2008 | 2007 | 2006 |
| Balance Sheet Data | |||||
| Total assets | $228,624 | $187,813 | $154,475 | $154,424 | $92,333 |
| Long-term debt | 4,914 | 6,783 | 9,531 | 24,777 | - |
| Other long-term obligations | 2,575 | 1,825 | 1,609 | 1,529 | 784 |
| Total stockholder's equity | 187,467 | 147,143 | 114,506 | 93,080 | 75,362 |
| Dividends per share | $0.15 | $0.11 | $0.07 | $0.07 | $0.06 |
*All dollar amounts are in thousands (other than per share amounts). Earnings per share and dividend amounts have been adjusted for the December 2005, December 2006 and December 2009 three-for-two split (effected by means of a stock dividend).