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In a release dated August 20, the company stated:
- Revenue for the Second Quarter was $3.5 million. This represents a modest 3 percent decrease from the $3.6 million in the First Quarter of 2009 reflecting stabilization in the company's business activity realized in the Second Quarter.
- Overall Gross Margins was 46 percent in the Second Quarter versus 40 percent in the First Quarter of 2009. Selling, General & Administrative Expenses came in at $1.4 million for the quarter, down from $1.6 million in the First Quarter of 2009. Research & Development Expense was at $0.3 million in the Second Quarter, up from $0.2 million in the First Quarter of 2009.
Larry Buffington, President and CEO, said, "Despite the fact our business is a reflection of the overall economy we managed to incur a relatively small decline in our second quarter revenue as opposed to Q1 as previously outlined. A nationwide decrease in oil and gas drilling activity had a direct effect on our coatings business where revenues declined from $2.5 million in the first quarter to $1.7 million in Q2. Nonetheless, we are seeing improvement in market conditions.
"Second quarter growth in our bulk alloy business was impressively driven by consumer electronics customers' demand for mobile smartphones. This was attributable mainly to our licensee and subsequent royalties and material sales for the company. Meanwhile, consistent profitability in our coatings business and growing profits in our bulk alloy business contributed to the increase in our gross margins to 46 percent compared to 40 percent in the first quarter."
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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