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Published in House and Home on Wednesday, August 12th 2009 at 3:42 GMT, Last Modified on 2009-08-12 03:42:43 by Market Wire🞛 This publication is a summary or evaluation of another publication
BARRINGTON, IL--(Marketwire - August 12, 2009) - CTI Industries Corporation (
Consolidated net sales for the second quarter of 2009 were $10,779,000 compared to consolidated net sales of $12,461,000 for the second quarter of 2008, a decrease of 13.5%. The Company earned net income of $409,000 or $0.15 per share (basic and diluted) for the second quarter of 2009 compared to net income of $485,000 or $0.17 per share (basic and diluted) for the second quarter of 2008.
For the six month period ended June 30, 2009, consolidated net sales were $20,382,000 compared to $23,196,000 for the same period in 2008, a decrease of 12.1%. For this six month period in 2009, net income was $502,000 or $0.18 per share (basic and diluted) compared to net income of $764,000, or $0.28 per share (basic) and $0.26 per share (diluted) for the same period of 2008.
Key Factors and Trends
Net sales of foil balloons increased by 16.9% in the second quarter compared to the same period of 2008, from $4,918,000 to $5,747,000. For the six month period, net sales of foil balloons increased by 13.3% from $9,516,000 in the six months ended June 30, 2008 to $10,786,000 for the same period of 2009.
For the second quarter of 2009, net sales of pouch products were $1,577,000 compared to $3,441,000 for the second quarter of 2008. For the six months ended June 30, 2009, pouch sales were $2,562,000 compared to $5,889,000 for the same period of 2008. In the first six months of 2008, the high level of net sales of pouches was attributable to the build-up of inventory by a principle customer for a July 2008 product launch. During the first six months of 2009, sales to that customer continued but at a lower level than during the product launch build-up in 2008.
During the second quarter 2009, the dollar value of latex balloon sales decreased by 16% compared to the second quarter of 2008, from $1,969,000 in the second quarter of 2008 to $1,653,000 for the same period of 2009. The unit volume of sales, however, was up slightly in 2009. The decline in the dollar value of the sales was due to the fact that a significant portion of the Company's latex sales are in Mexico denominated in Mexican pesos and the value of the Mexican peso has declined compared to the second quarter of 2008.
Operating expenses declined by approximately $230,000 for the second quarter of 2009 compared to the same period of 2008, and they declined by about $320,000 for the six month period ended June 30, 2009 compared to the same period of 2008.
Statements made in this release that are not historical facts are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. Factors that could cause results to differ are identified in the public filings of the Company with the Securities and Exchange Commission. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
-- FINANCIAL HIGHLIGHTS FOLLOW --
CTI Industries Corporation and Subsidiaries Condensed Consolidated Balance Sheets June 30, December 31, 2009 2008 ------------ ------------ Assets (Unaudited) Current assets: Cash and cash equivalents $ 202,656 $ 180,578 Accounts receivable, net 6,617,105 5,821,593 Inventories, net 10,169,120 10,504,769 Other current assets 1,365,456 1,181,097 ------------ ------------ Total current assets 18,354,337 17,688,037 Property, plant and equipment, net 10,125,682 10,575,982 Other assets 1,698,968 1,724,172 ------------ ------------ Total assets $ 30,178,987 $ 29,988,191 ============ ============ Liabilities & Equity Total current liabilities $ 16,299,152 $ 16,222,180 Long term debt, less current maturities 5,469,538 6,018,655 Stockholders' equity 8,396,044 7,734,600 Noncontrolling interest 14,253 12,756 ------------ ------------ Total Liabilities & Equity $ 30,178,987 $ 29,988,191 ============ ============ Consolidated Statements of Operations Three Months Ended June 30 Six Months Ended June 30 2009 2008 2009 2008 ------------ ------------ ------------ ------------ (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 10,778,903 $ 12,460,945 $ 20,382,324 $ 23,195,646 Cost of sales 8,178,204 9,548,061 15,715,122 17,951,083 ------------ ------------ ------------ ------------ Gross profit 2,600,699 2,912,884 4,667,202 5,244,563 Operating expenses 1,925,768 2,158,074 3,530,523 3,850,048 ------------ ------------ ------------ ------------ Income from operations. 674,931 754,810 1,136,679 1,394,515 Other (expenses) income: Net interest expense (272,566) (286,404) (568,117) (556,665) Other 2,599 11,889 (18,998) 42,211 ------------ ------------ ------------ ------------ Income before income taxes and noncontrolling interests 404,964 480,295 549,564 880,061 Income tax expense (4,037) (4,818) 46,121 115,839 ------------ ------------ ------------ ------------ Income before noncontrolling interests 409,001 485,113 503,443 764,222 Noncontrolling interest income of subsidiary 263 (24) 1,497 264 Net income $ 408,738 $ 485,137 $ 501,946 $ 763,958 ============ ============ ============ ============ Basic income per common and common equivalent shares $ 0.15 $ 0.17 $ 0.18 $ 0.28 ============ ============ ============ ============ Diluted income per common and common equivalent shares $ 0.15 $ 0.17 $ 0.18 $ 0.26 ============ ============ ============ ============ Weighted average number of shares and equivalent shares of common stock outstanding: Basic 2,775,902 2,781,025 2,792,220 2,721,646 ============ ============ ============ ============ Diluted 2,776,797 2,929,548 2,797,256 2,885,783 ============ ============ ============ ============