Tii Network Technologies Reports Fourth Quarter and Full Year 2010 Results
finance.yahoo.com
Net sales for the three months ended December 31, 2010 were $17,785,000 compared to $7,734,000 for the three months ended December 31, 2009, an increase of $10,051,000 or 130%. Of the increase, $8,414,000 or 84% was due to sales from Tii's newly acquired Porta Copper Products Division, which is included in Tii's financial results since May 20, 2010. Net sales in 2010 were $54,498,000 compared to $27,437,000 in 2009, an increase of $27,061,000 or 99%. Post-acquisition sales contributed by the Porta Copper Products Division were $17,818,000 during 2010, accounting for 66% of the total sales increase. Porta Copper Products Division sales were at a higher run rate in 2010 than we expect going forward due to increased orders from certain customers to replenish inventory that had been depleted prior to our acquisition. The balance of the sales increases during the three and twelve month periods in 2010 were due to sales of new products to existing customers and sales to new customers from market share gains made in the fourth quarter of 2009. |
