Hirsch International net income grows to $.22 Cents per share

13 May '08

3 min read

Hirsch International Corp the leading provider of advanced embroidery, screen-printing and textile laser systems and services to the North American graphic and decorated apparel marketplace, reported its financial results for the fourth quarter and twelve months ended December 31, 2007.

Hirsch's net income for the year ended 2007 was $2.1 million or $0.22 per diluted share. This compares to net income of $1.3 million or $0.14 per diluted share for the prior year.

Last year, Hirsch changed its fiscal year end from January 28, 2006 to a calendar year ending December 31, 2006, which is reflected in the Company's reporting of financial results for the twelve months ended December 31, 2007, thus the twelve months ended December 31, 2007 are compared with the eleven months ended December 31, 2006.

Management Comment:
“Revenues in the fourth quarter continued to reflect a challenging market environment. Despite the soft market we experienced throughout 2007, we are pleased with our overall achievements for the year.

Net income increased 57% to over $2 million; our balance sheet strengthened with over $16 million of cash; and we made significant progress expanding both our product offering and market presence with a 15% increase in “on the street” staffing – all of which will provide a perfect platform to capitalize on the eventual and inevitable rebound in the economy and industry,” said Paul Gallagher, Hirsch's President and Chief Executive Officer.

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