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During the second quarter of 2008 gross profit was $3.53 million compared to $3.55 million reported in the second quarter of 2007. Net income was $369,000 for the three months ended June 30, 2008, an improvement of $200,000 compared to $169,000 reported in the same period of 2007.
Net sales for the six months ended June 30, 2008 were $18.73 million compared to $22.15 million during the same period of 2007, a decrease of $3.4 million or 15.5%. During the six months ended June 30, 2008 gross profit was $6.8 million, compared to $6.3 million in the same period of 2007, an increase of $440,000 or 6.9%, while gross profit margin improved to 36.2% from 28.6%. Net income was $519,000 for the six months ended June 30, 2008 compared to $12,000 in the same period of 2007, an improvement of $507,000.
Kenneth Paladino, president and CEO, said: "We are very pleased with the sequential improvement in sales and earnings over the first quarter of this year, as we continue to realize the benefits of the operational changes we made last year, evidenced by higher margins, lower expenses and, most importantly, increased operating income. While inventories are higher than normal, with presently anticipated sales, inventories should be back at traditional levels by year end."
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