Sales Grow for Eltron, but Overseas Market Flat
Eltron International in Simi Valley reported that sales for the third quarter ended Oct. 3 increased 20% to $30.7 million, up from $25.6 million for the same quarter last year.
Net income of $2.7 million or 35 cents per diluted share was lower than the $3.5 million or 44 cents per diluted share reported in the third quarter of 1997.
Except for bar code verifiers, sales in the third quarter were up 25% over last year. Eltron sold the assets and rights to the bar-code-verification business and the RJS name in the first quarter of 1998.
Sales to UPS were up 44%, and label-printer sales to customers other than UPS increased 22% over the previous year. Sales of card printers were up 45%.
Total sales to UPS were down an anticipated 18% over second-quarter results, and sales to customers other than UPS were up 4%.
Net income in the third quarter was affected by lower-than-expected international sales, partly offset by lower operating expenses in the quarter.
“Although I am disappointed that our international sales in this quarter were lower than expected and contributed to lower-than-anticipated earnings, I am pleased with our overall sales growth of 25%,” said chairman and chief executive officer Donald K. Skinner.
