Foreign currency translation had the effect of increasing revenue by $2.9 million for the first six months of this fiscal year, compared with the same period in the prior year.
Commenting on the second quarter results, Marc T Giles, President and Chief Executive Officer said, "They are very pleased with their performance this quarter.
While revenue growth was somewhat below their expectations, they generated an operating profit of $4.8 million, which was 42 percent higher than the first quarter and over 200 percent above last year's levels.
They also generated $6.8 million of cash flow from operations during the second quarter, net of capital expenditures, which was their strongest performance since fiscal 2004, and was their ninth consecutive quarter of positive cash flow generation."
Giles added, "In addition, they significantly improved their capital structure by refinancing their debt with much more favorable financial terms and greater flexibility.
And as a result of their strong cash performance in the quarter, they were able to reduce their net debt balance (debt less cash and cash equivalents) to $34.1 million, a $5.5 million reduction from the April 30, 2005 level."
For additional information, including segment and order entry information, please see their Quarterly Report on Form 10-Q for the quarter ended October 31, 2005, which will be filed with the Securities and Exchange Commission.
Headquartered in South Windsor, Connecticut, Gerber Scientific Inc is a leading international supplier of sophisticated automated manufacturing systems for sign making and specialty graphics, apparel and flexible materials, and ophthalmic lens processing.
Company operates through four primary businesses: Gerber Scientific Products, Spandex Ltd, Gerber Technology and Gerber Coburn.
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