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Mesa Labs Reports 58 Percent Increase in Third Quarter Net Income
Date:2/8/2012

arter of excellent financial performance," said John J. Sullivan, President and Chief Executive Officer. "It is hard to single out any one factor that was responsible for our revenue growth and increased profitability.  However, I am especially pleased that Mesa posted its second consecutive quarter of 13% organic growth.  Coupling this organic growth with the increased revenue from the Apex acquisition drove our revenue and profitability up significantly.  I am also pleased that our profit margins are holding up very well, near Mesa's long term averages.  This quarter, our gross margins reached 64%, while operating income and net income were a healthy 34% and 21%, respectively.  All of these profitability measures were significantly above the third quarter last fiscal year.  We expected to see improved profitability this year, due to the addition of the Apex products, increased production efficiency, and elimination of certain acquisition expenses, and I applaud the entire Mesa team for helping make this expectation become a reality."

"Going forward, we have good momentum entering our important fourth quarter and we expect that we will be able to report increased sales and profits," continued John Sullivan.  "Mesa's fourth quarter last fiscal year was unusually strong and our growth, on a percentage basis, will likely be somewhat lower than our previous three quarters.  Also, this will be the first full quarter in which there is a direct comparison for the Apex business.  Nevertheless, we expect to finish strong and report record revenue and profits for the full fiscal year."

The Company's instrumentation product sales and service revenues increased 18 percent during the third quarter and 12 percent during the first nine month period of fiscal 2012, compared to the prior year periods. The revenue increase in the third quarter was due primarily to organic growth of the DataTrace products, while the revenue i
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SOURCE Mesa Laboratories, Inc.
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