Gross Margins and Operating Income Up DALLAS, Nov 21, 2011 (BUSINESS WIRE) -- --Conference Call Slated Tuesday, Nov. 22, 2011, at 11 a.m. (Eastern) DRI Corporation (NASDAQ: TBUS), a digital communications technology leader in the global surface transportation and transit security markets, announced today that it posted net sales of $19.8 million and net loss of $64 thousand, or 1 cent per basic and diluted common share outstanding, for third quarter 2011. The results compare to net sales of $19.9 million and a net loss of $545 thousand, or 5 cents per basic and diluted common share outstanding, for the same period a year ago.
David L. Turney, Chairman of the Board of Directors and Chief Executive Officer, said: "Our third quarter 2011 gross margins and operating income -- both of which improved over the same period last year -- reflect a favorable mix of products delivered and further progress toward our goal of reducing product costs. Selling, general and administrative expenses also were down and consistent with our stated plans even while covering significant unfavorable impact of currency exchange rates. We continue to make progress although the markets we serve remain volatile due to the well publicized U.S. federal funding for public transportation and global economic concerns -- especially in countries of the European Union ("EU")."
Earlier today, the Company filed with the U.S. Securities and Exchange Commission a Quarterly Report on Form 10-Q for the period ended Sept. 30, 2011.
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