Gross profit in the third quarter of 2009 increased to $15.7 million from $13.8 million in the third quarter of 2008. Gross margin was 46.6%, compared to 45.3% in the prior year period. Gross margin performance primarily reflects revenue mix shift toward higher margin products during the quarter, versus prior periods.
Operating income was $1.0 million in the third quarter of 2009, compared to $1.8 million in the third quarter of 2008. Operating expenses increased 21.3% from the year ago period, primarily reflecting a $1.2 million increase in research and development expenditure, as the Company positions itself to drive future growth. Additionally, general and administrative expenses as a percentage of revenue increased to approximately 14.3%, up from 9.5% in the
prior year period, reflecting a $525,000 reversal for an over accrual of social taxes in prior years.
Non-GAAP net income was $1.3 million, or $0.03 per diluted share, compared
to $1.9 million, or $0.05 per diluted share, in the third quarter of 2008. On
a GAAP basis, the Company reported a net loss of $208,000 in the third quarter
of 2009, or ($0.01) per share, compared to a net loss of $816,000, or ($0.02)
per share, in the prior year period. Adjusted EBITDA was $2.6 million for the
quarter, compared to $3.6 million in the third quarter of last year. The
earnings per share calculation is based on 50.8 million diluted shares
outstanding, compared to 4
|SOURCE BMP Sunstone Corporation|
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