Central Mass. Quarterly Earnings Roundup
Several local companies recently reported their third-quarter earnings. Nearly all saw their profits and revenues shrink. Here’s a sample of some of the results:
Revenues Down For Globe, Telegram
The New York Times Co., owner of the Boston Globe and the Worcester Telegram & Gazette, saw its third-quarter profits drop to $6.5 million, down 51.4 percent from last year.
The company’s revenue fell 8.9 percent, to $687 million.
Revenues for the Globe and Telegram, which make up the company’s New England Media Group, declined 12.3 percent to $126 million, with advertising revenue dropping 19.4 percent.
As a whole, the company had a loss from continuing operations of $2.1 million, offset by $8.6 million in income from discontinued operations, thanks to the sale of its broadcast media group last year.
Candela Slips Into 1Q Deficit
Wayland cosmetic laser maker Candela Corp. reported a first quarter loss of $4 million on revenue of $26.9 million.
For the same quarter last fiscal year, the company reported a profit of $187,000 on revenue of $35.5 million. The company reported that revenue from this country fell to $8.9 million during the quarter from $16.7 million in the same period a year ago.
The company also reported a $7.2 million loss from operations compared to a $748,000 operational loss for the first quarter of last year.
First quarter inventory grew to $35.1 million from $33.1 million a year ago and cash available to the company slipped from $12.1 million to $8.2 million during the same period.
EMC Reports Income Dip As Foreign Sales Soar
Hopkinton-based data storage giant EMC Corp. reported a 13 percent revenue gain, but a profit decline to $411 million from $492 million for the same period a year ago.
Along with revenue that increased from $3.3 billion a year ago to $3.7 billion this year, the company reported operating income that increased from $454 million to $471 million over the same period.
The company reported slight increases in selling, services, research and development and administrative costs.
EMC revenue from within the United States grew by 7 percent compared to the third quarter last year. Revenue from outside the country grew by 19 percent over the same period, including 20 percent and 27 percent increases in Asia and Latin America.
Medway Firm’s Sales Pumped, Earnings Feel The Burn
Cybex International Inc., a Medway-based exercise equipment manufacturer, reported third quarter net income of $300,000 compared to $4.6 million for the third quarter of 2007.
The company said the decrease is the result of the 2007 reduction to the amount of money it kept on reserve as a deferred tax valuation allowance. The reduction of that allowance last year increased the company’s net income by $5.2 million for the third quarter and the first nine months of 2007.
The company reported $18.9 million in cash on hand compared to $21 million in the third quarter of 2007. It also reported a slight uptick in inventories and said it intends to begin shipping a variety of new products during the current quarter.
Unitil Sees Slight Drop In Profits
Unitil Corp., which provides natural gas and electricity to parts of North Central Massachusetts, saw its third-quarter profits decline slightly, from $1.6 million in 2007 to $1.5 million this year.
The Hampton, N.H.-based company’s electric sales margin rose from $14.2 million to $14.3 million, reflecting higher electric base rates partially offset by lower sales volumes. Its gas sales margin rose from $1.8 million to $2 million thanks to higher base rates and higher sales to commercial and industrial customers.
Still, the company said higher operating expenses and interest expenses pushed profits down.
Income Down As Spending Increases At Sepracor
Marlborough-based drug maker Sepracor reported third quarter net income of $19.4 million, a sharp decrease from the $40 million the company reported for the same quarter last year.
The company’s third quarter operating income also saw a steep decline from $30 million a year ago to $3.4 million this year. The company reported increases in spending on research and development, selling and administration.
Sepracor makes the well-known sleep drug Lunesta among others.
Marlborough Firm Narrows Loss As Revenue Shrinks
ThinkEngine Networks Inc. of Marlborough posted a net loss of $624,000 for the third quarter on revenue of $1 million.
For the same period a year ago, the network communications company reported a net loss of $1.4 million on $1.8 million in revenue.
Compared to the third quarter of 2007, the company has cut back on research and development spending, as well as its sales efforts and its general administrative spending.
Compiled from staff and wire reports.
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