• Earnings per diluted share increased to $0.08 for the three months ended June 30, 2007, as compared to $0.06 for the three months ended June 30, 2006.
Earnings per diluted share also increased to $0.17 for the six months ended June 30, 2007, as compared to $0.09 for the five months ended June 30, 2006.
Paul Gallagher, Hirsch's President and CEO commented, “In the first half of the year we saw a drop in overall demand forequipment purchases industry wide. The first six months of the year tend to be less predictable and while our customers appear to be generally busy,we saw sales off about 2% from last year's first half run rate – mostly impacted by our second quarter performance."
"I suspect the slowdown in capital spending is reflective of overall concerns about the economy and a general cautiousness in expansion and replacement spending decisions. On the more positive side, we were able to deliver gross margin dollars on par with last year's second quarter and a first half increase of over $2.2 million.”
“Regarding the future, our 2007 operating plan includes initiatives to significantly expand market presence and penetration."
"To date, we are half way through a thirty percent staff expansion in critical customer support functions; well into a “next generation” web-based systems development project; and progressing on-plan to build the infrastructure base for our new screenprinting and laser product lines."
"And while we are not expecting substantial short-term profit contribution from these initiatives or new product introductions this year, we are expecting each to add nicely to profits in the future.”
Mr. Gallagher concluded, “This is a building year for Hirsch and we will be entering 2008 much stronger and better positioned in the marketplace. We are also continuing to aggressively look for and pursue potential acquisition and strategic partnership opportunities primarily in and tangent to the $6 billion decorated apparel industry."
"I am very optimistic about our future. Our great position in the industry, strong capital structure, and outstanding team provide us with a great platform for future growth.”
Hirsch International Corp
marketing@alchempro.com
