International Baler Corporation: Earnings Release First Quarter Ended January 31, 2012
JACKSONVILLE, FL--(Marketwire -03/13/12)- International Baler Corporation (OTCQB: IBAL.OB - News) (Pinksheets: IBAL.OB - News), manufacturer of recycling equipment and related material handling equipment, reported net income of $355,823 on sales of $4,270,795 in the first quarter ending January 31, 2012, compared to net income of $42,097 on sales of $1,842,658 in the first quarter of fiscal 2011. The higher sales and income were the result of improved market conditions and higher commodity prices for recycled materials compared to the first quarter of 2011. Also, the Company expanded its dealer network by adding several new dealers and improving coverage of market areas in the United States in 2011.
The Company earned $0.07 per share in the first quarter of 2012 versus $0.01 per share in the first quarter of fiscal 2011.
The sales order backlog was $7,800,000 at January 31, 2012, compared to $3,295,000 at January 31, 2011.
Selected Financial Data
Three Months Ended Twelve Months
January 31 Ended
------------------------ --------------
2012 2011 Oct. 31, 2011
----------- ----------- --------------
Net Sales $ 4,270,795 $ 1,842,658 $ 11,049,514
Gross Profit - $ 964,626 334,391 2,461,642
- % 22.6% 18.1% 22.3%
Net Income 355,823 42,097 683,663
Earnings Per Share - $
Basic 0.07 0.01 0.13
Diluted 0.07 0.01 0.13
Weighted Average
Shares Outstanding
Basic 5,183,895 4,993,895 5,077,045
Diluted 5,183,895 5,064,847 5,133,014
Contact:
Roger Griffin
William E. Nielsen
(904) 358-3812
International Baler Corporation
5400 Rio Grande Avenue
Jacksonville, FL 32205
