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© ermess dreamstime.com Electronics Production | January 02, 2013

Artaflex with sales increase in 1Q/2013

EMS-provider Artaflex reported a sales increase of 79.2% to USD 6,510 in the first quarter of 2013 (ended October 31, 2012) compared to USD 3,632 in 2012, primarily due to the acquisition of Adeptron in March 2012.
For the quarter, sales to the Company's four largest customers represented an aggregate of 54% (2012 - 72%) of the Company's total sales.

Gross profit decreased $195, to $881 compared to $1,076 in the same period of 2012. Gross profit as a percentage of sales was 13.5% compared to 29.6% for the same period in 2012. The decrease in gross profit and percentage in the quarter is largely due to the acquisition of Adeptron which historically had a lower gross profit.

Selling, general and administrative ("SG&A) expense increased 86.0% to $1,408 compared to $757 for the same quarter in 2012. The increase was primarily due to one-time legal and professional costs associated with the terminated acquisition of MTI International, Inc. SG&A expense as a percentage of sales was 21.6%, comparable to 20.8% in 2012.

The net loss and comprehensive loss was $906 compared to a net income of $467 in the first quarter of 2012.
Adjusted EBITDA loss was $312 compared to an adjusted EBITDA income of $467 in the same period last year.
EBITDA means earnings before interest, taxes, depreciation and amortization.

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