Net income for the quarter was 2.8 million USD, an improvement compared to a loss of 1.0 million USD in the second quarter of 2011. Adjusted EBITDA was consistent with the first quarter of 2012 at 4.3 million USD and up from 1.9 million USD in the second quarter 2011.
Co-Chief Executive Officer Claude Germain stated, "Revenue for the quarter was at its highest level since the fourth quarter of 2006. Going forward into the second half of the year, we anticipate revenues to level off from significant first half growth rates, but we expect to continue to achieve solid profitability coupled with improved free cash generation and debt reduction."
"Although we have not fully optimized our business to take advantage of our significant revenue growth, we have made progress in improving operating efficiencies this quarter. Our focus continues to be on improving gross margins, effectively managing working capital, and reducing our debt through free cash generation. We are pleased to have successfully integrated our ZF acquisition and we will continue to look for opportunistic accretive acquisitions," stated Co-Chief Executive Officer, Alex Walker.