2010 NOV 28 - (VerticalNews.com) -- Communications Systems, Inc. (Nasdaq: JCS) reported financial results for its third quarter and nine months ended September 30, 2010.
For the three months ended September 30, 2010, net income was $3,999,000, or $0.48 per diluted share, on sales of $33,324,000. In 2009, the Company earned $1,861,000, or $0.22 per diluted share, on sales of $28,107,000. For the nine months ended September 30, 2010, net income was $7,746,000, or $0.92 per diluted share, on sales of $89,865,000. For the same period in 2009, the Company earned $4,833,000, or $0.58 per diluted share, on sales of $83,457,000.
Jeffrey K. Berg, President and CEO, commented: "We are pleased with our 2010 third quarter and nine months results. Revenues for the third quarter of 2010 increased by 19% and net income increased by 115% compared to the same period in 2009. Our year to date revenues increased 8% and net income increased by 60% compared to 2009. Despite adverse and difficult conditions in U.S. residential and commercial construction markets and a weak recovery from the global recession, we achieved improved results through careful management of expenses and increased sales of higher margin data communications and telecommunications products."
David T. McGraw, Vice President of Finance and CFO, also commented: "CSI's balance sheet is strong, with a current ratio of 6.4 to 1 as of September 30, 2010. CSI's cash, cash equivalents and investments were $40,000,000 at September 30, 2010 and at December 31, 2009. In the third quarter the Company declared a $.15 per share dividend compared to a $.14 per share dividend for the comparable 2009 quarter. For the nine months ended September 30, 2010 the Company declared total dividends of $.44 per share compared to $.38 per share for the same period in 2009."
Further information regarding the Company's results and related matters is provided in the Company's Form 10-Q report for the quarter ended September 30, 2010 that is being filed on or about November 10, 2010.
Keywords: Communication Equipment Companies, Communications Systems, Communications Systems, Inc., Electronics, Finance, Financial, Industry, Investing, Investment, Technology Companies, Telecommunications.
This article was prepared by Journal of Technology & Science editors from staff and other reports. Copyright 2010, Journal of Technology & Science via VerticalNews.com.
by : Yusuf
