For the quarter, Flow reported revenues of $66.2 million, which represents a new all-time quarterly high and a 10% increase from $60.0 million in the year-ago quarter. Standard segment revenues of $62.0 million represent a 17% improvement versus the year-ago quarter, as consumable spare parts sales grew 10% to $22.1 million, also a new record. Net income in the first quarter was $2.2 million or $0.05 per share, compared to net income of $0.7 million or $0.01 per share in the prior-year period.
Adjusted EBITDA for the quarter was $6.4 million or 10% of sales, compared to $3.4 million or 6% of sales for the year-ago quarter. A reconciliation of Adjusted EBITDA to Net Income is provided in the accompanying financial tables.
"Continuing the trend from a strong fiscal 2012, sales in our Standard business continued at a record breaking pace, growing at a 17% clip," said Charley Brown, President and CEO of Flow. "Despite widely publicized global macro-economic concerns, we are benefiting from the strategic expansion of our direct and indirect distribution channels combined with our broad product range. The global roll out of our new products is well under way and we expect them to continue gaining traction worldwide, particularly in the second half of our fiscal year."
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