HAUPPAUGE, N.Y. (Nov. 1) — Medical Action Industries Inc. reported record revenues for the three- and six-month periods ended Sept. 30.
The maker and supplier of medical and surgical disposable products had net income of almost $3 million, up about $9,000 from fiscal 2005. Net sales for the quarter reached a record $43.2 million, a 12-percenbt increase from last year.
Net income for the first six months increased to $5.6 million from $5.4 million in fiscal 2005 while sales hit a high of $81.2 million, a 10-percent jump from last year.
"Our operating results are extremely satisfying given the continued pressure on gross margins from increased raw material and energy costs," said Paul D. Meringolo, CEO and president of Medical Action.
"Our operating results reflect growth from our line of minor procedure kits and trays, containment systems for medical waste, protective apparel and to a lesser extent operating room towels. Since year-end, our working capital position has increased by approximately $6,653,000."