Starrett Earns $6.8M Profit As Revenues Rise 20%
Athol tool manufacturer L.S. Starrett announced a 20-percent increase in sales for its most recently completed fiscal year, as well as a $14 million swing in profitability, according to its annual filing with the Securities and Exchange Commission.
Starrett posted a $6.8-million profit for its 2011 fiscal year, which ended June 30. For fiscal year 2010, the company reported an $8-million loss. The company reported revenues of $244.8 million, up from $203.7 million in fiscal year 2010. Sales in North America rose 23 percent over 2010. International sales also saw a strong 17 percent jump. All international subsidiaries achieved double-digit sales increases and accounted for more than half of Starrett's global revenues.
Starrett also said its board of directors decided to increase the quarterly dividend from 6 cents to 8 cents per share for the second quarter of fiscal 2011 and from 8 cents to 10 cents for the fourth quarter.
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