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Net other income for the first six months of fiscal 2012 was $0.5 million, a decrease of $0.7 million, or 59.1 percent, from the prior year period. An increase of $0.8 million in the equity in income of joint ventures was offset by a $1.5 million increase in interest expense associated with borrowings to acquire IZI in the first fiscal quarter of 2012.
The effective tax rate was 32.2 percent and 33.2 percent for the first six months of fiscal 2012 and 2011, respectively.
Net income for the first six months of fiscal 2012 was $12.0 million, a decrease of $1.8 million, or 12.9 percent compared with $13.8 million for the same period in fiscal 2011. Excluding the costs associated with the acquisitions, IT platform enhancement, and non-cash stock based compensation, net income was $14.9 million, as compared to $15.0 million in the comparable prior year period. The resulting diluted earnings per share for the six month period ended March 31, 2012 were $1.59 per share, excluding $0.32 per diluted share of acquisition, IT platform enhancement, and non-cash stock based compensation expenses. This compares with $1.60 per share, excluding $0.13 per diluted share of acquisition, IT platform enhancement, and non-cash stock based compensation expenses, for the six month period ended March 31, 2011.
EBITDA for the first six months of fiscal 2012 were $24.2 million, a 1.0 percent decrease compared with $24.4 million in the comparable prior year period. The decrease was due primarily to higher cost of sales based on revenue mix and higher selling, general and administrative expenses for the first six months of fiscal 2012, partially offset by favorable equity in income of joint ventures
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