Corgenix posts improved income through 9 months
Last Updated: 18:31 May 15, 2014
The Broomfield-based developer of diagnostic testing kits had an increase in net income to S323,000 in the nine months that ended March 31, up from $311,000 in the same period a year earlier.
The company's net income did decrease slightly in the quarter that ended March 31, according to documents filed Thursday with the Securities and Exchange Commission. Net income in the fiscal third quarter dipped from $62,000 in 2013 to $60,000 this year, but the company's performance is still acceptable to its leadership, according to a release Thursday.
"The third-quarter and nine-month results were in line with our expectations," Corgenix's president and chief executive Douglass Simpson said in a statement. "It has been a good year so far, as we improved operating profit margins in a challenging market as a result of our focus on providing value-added products for our customers, diligent expense control and margin improvement."
Revenue for the company increased in the nine-month period from $7.7 million in 2013 to $8 million in 2014.
The company expects to continue seeing progress in its fiscal fourth quarter, according to the release. A record annual revenue of $11 million is expected.
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