HAUPPAUGE, N.Y. (Jan. 29)—Medical Action Industries Inc., a producer medical and surgical disposable products, recorded record sales and earnings for the three- and nine-month fiscal 2003 periods.
Net income for the third quarter increased 11 percent to $2.4 million from $2.1 million in the comparable quarter in fiscal 2002. Sales for the quarter jumped 14 percent to $33 million. With net sales rising 28 percent to $96 million for the nine-month period, net income increased to $7 million from $5.8 million.
"Our results reflect the successful integration of our acquisitions consummated during the past fiscal year, and strong growth from our line of minor procedure kits and trays," said CEO and President Paul D. Meringolo.
The company purchased the BioSafety Division of Maxxim Medical Co. in November, expanding its elastomer-based specialty line into its largest product segment. The acquisition was its third in 11 months and eighth in eight years. It cost about $19.5 million and included BioSafety's 40,000-sq.-ft. Clarksburg, W.Va., factory.