CVG Q1 Revenues Up 24.7%
For the first quarter of 2011, cost of revenues was $157.7m, compared to $129.51m for the same period of 2010. Gross profit was $24.71m, compared to $16.89m for the same period of 2010.
Selling, general and administrative expenses were $16.19m for the first quarter of 2011, compared to $13.21m for the same period of 2010. Operating income was $8.11m for the first quarter of 2011, compared to $3.62m for the same period of 2010.
Net income of the company was $3.27m for the first quarter of 2011, compared to $0.67m for the first quarter of 2010.
Included in the company's results for the first quarter of 2011 are revenues of approximately $5.6m and operating income of approximately $0.1m relating to the acquisition of Bostrom Seating on January 28, 2011.
Also included in the first quarter results are acquisition costs relating to Bostrom Seating of approximately $0.4m, the net impact of certain raw material increases of approximately $0.3m and costs related to Mexico expansion of approximately $0.3m.
Mervin Dunn, president and CEO of CVG, said: â€œWe are very pleased with our first quarter results as we continue to see positive trends through market improvements and the impact of new business.
â€œThis past quarter marks the highest revenue levels we have achieved since the third quarter of 2008 and the highest operating income we have achieved since the first quarter of 2007 when excluding non-operating items such as restructuring charges, asset impairments and gains on the sale of assets. As we move forward, our focus remains on long-term growth initiatives and bottom line improvementsâ€
Will the firm maintain same results in Q2?
Have your say and discuss with your peers on the InfoGrok community.
Participate by posting your comments now.