6/10/2011 12:41:00 AM
NEWS BRIEFS
Tree Island Sees Revenue & Profit Gains
Tree Island Wire Income Fund reported revenue rose 12.8% to $38.9 million during the first quarter of 2011 on a 7.3% volume increased to 29,948 tons. Gross profit nearly doubled to $4.4 million, or 11.2% of sales.
Those results came “despite the uneven economic conditions in our end markets, particularly in the United States.”
“The continued improvement in gross margin and gross profit per ton reflects Tree Island’s ongoing focus on more profitable products, higher selling prices, and a continued focus on cost control,” the company stated.
SG&A expenses totaling $3.1 million versus $3.6 million, resulting in EBITDA of $2 million, compared to EBITDA of $0.3 million in Q1 2010. Adjusted Net Income (loss) increased $2.6 million to a positive $1.4 million versus a loss of $1.2 million in Q1 2010.
Amar Doman, Chairman of the Fund noted, “The Fund’s operational and financial performance during the first quarter is promising, especially given the continued weakness in the U.S. housing starts,” stated Tree Island chairman Amar Doman. ©2011 GlobalFastenerNews.com
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