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This is down from net income of USD2.3m (USD0.07 per diluted share) in the second quarter of 2008. Net income in the first quarter of 2009 was also USD2.3m (USD0.07 per diluted share).
The company generated revenue of USD8.3m for the second quarter 2009. This is down 39% from the second quarter 2008 revenues of USD13.7m due to a significant decline in sales of automotive products and the impact of generally lower demand across all markets due to the global economic downturn. Revenues grew by 28% from the first quarter of 2009 revenues of USD6.5m.
Second quarter 2009 gross profit was USD3.7m, or 44% of net revenues, as compared with USD5.7m, or 42% of net revenues, in the second quarter 2008 and USD2.4m, or 38% of net revenues, in the first quarter 2009.
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