North American sales boost L.S. Starret
Solid North American business helped offset lower international sales for Athol-based tool manufacturer L.S. Starrett for its first quarter of 2015, which ended on October 30.
According to documents filed with the Securities and Exchange Commission (SEC), the company reported sales for its first quarter of its 2015 fiscal year touched slightly higher than $60.2 million, an increase of $2.7 million, or 5 percent, compared to fiscal 2014.
Much of the sales were driven in North America from increased demand for precision measuring tools, coupled with growth in vision, optical and laser equipment systems, the company said.
For the quarter, its North American sales increased $3.4 million (up 11 percent) compared to $30.9 million in the first quarter of its fiscal 2014. Meanwhile, its international sales dipped 3 percent for the quarter from $26.6 million in fiscal 2014 to $25.9 million.
Overall, the company recorded net income of $900,000, or 13 cents per share, in the first quarter of fiscal 2015 compared to a net income of $200,000, or 3 cents per share, in fiscal 2014. The growth was principally due to what it said was higher revenue and improved gross margins offsetting increased selling, general and administrative expenses.
WBJ Web Partners
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