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Mesa Labs Reports 50% Increase in Quarterly Revenues
Date:8/16/2010

LAKEWOOD, Colo., Aug. 16 /PRNewswire-FirstCall/ --  Mesa Laboratories, Inc. (Nasdaq: MLAB) today reported a fifty percent increase in revenue for the fiscal first quarter ended June 30, 2010.

Highlights:

  • First quarter revenues increased 50% compared to the same quarter last fiscal year
  • GAAP net income increased 29% compared to the same quarter last fiscal year
  • Quarterly operating income increased to $2,214,000, setting a new record
  • Quarterly non-GAAP adjusted earnings per share of $0.44(1)

  • For the first quarter of fiscal 2011, net sales increased 50 percent to $7,455,000 from $4,977,000 in the same quarter last year.  Of the $2,478,000 sales increase, $2,112,000 was added as a result of strategic acquisitions of product lines and operating units since the same quarter in the prior year.  Organic growth of Mesa's previously existing product lines was $366,000, or seven percent, compared to the same quarter last year.

    GAAP net income for the quarter increased 29 percent to $1,320,000 or $.40 per diluted share of common stock compared to $1,026,000 or $.31 per diluted share of common stock last year.  On a non-GAAP basis, adjusted net income for the quarter increased 35 percent to $1,470,000 or $.44 per diluted share of common stock compared to $1,092,000 or $.34 per diluted share of common stock last year.  See the note below for an explanation of the calculation of adjusted net income and adjusted net income per share.

    "I am happy to report a significant increase in both sales and profits this quarter," said John J. Sullivan, President and Chief Executive Officer.  "The acquisition of the Torqo product line in December of 2009 and SGM Biotech, Inc. in April of 2010 have combined to increase sales by approximately 42%.  Their contribution, coupled wit
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    SOURCE Mesa Laboratories, Inc.
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