NORTHVALE, N.J., May 16, 2012 /PRNewswire/ -- Inrad Optics, Inc. (OTCBB: INRD) has released its consolidated financial results for the three months ended March 31, 2012.
Revenues for the first quarter were $2.8 million, down 12.4% from $3.2 million in the same period last year.
Orders for the first three months were $3.0 million, up from $2.7 million last year. Order backlog increased to $5.2 million for the three months ended March 31, 2012 compared to $4.8 million for the first quarter of last year, an 8.3% increase.
Gross profit for the quarter was 26% or $740,000 down from $873,000, or 26.9% in the comparable quarter last year. The decrease in gross profit was attributable to lower product sales this quarter, the result of several delayed bookings anticipated in the fourth quarter 2011.
The Company ended the quarter with a net loss of $149,000, or a loss per share of $0.01 basic and diluted. This compares to a net profit of $35,000, or earnings per share of $0.00, basic and diluted, in the same period last year.
Net cash provided by operating activities was $595,000 primarily the result of a decrease in working capital which offset the loss in the quarter. For the comparable quarter last year, cash used by operations was $283,000, mainly reflecting the Company's payment of $300,000 against accrued interest on convertible notes payable. Current interest of $38,000 on the convertible notes was paid in both the first quarter of 2012 and 2011, respectively. After investing and financing activities, net cash improved by $469,000 in the three months ended March 31, 2012 and the Company ended the quarter with cash and cash equivalents of $3.9 million. In the same quarter last year, net cash was down $302,000 and cash and cash equivalents at March 31, 2011 was $4.1 million.
Joe Rutherford, President and CEO of Inrad Optics, Inc. commented, "We were pleased with the
|SOURCE Inrad Optics, Inc.|
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