Paxar Corporation Q1 net income falls slightly, sales up

27 Apr '06

3 min read

Paxar Corporation has reported sales of $199.6 million for the first quarter of 2006, compared with sales of $187.2 million for the first quarter of 2005.

The net income of $5.2 million was reported for the first quarter of 2006, versus net income of $5.4 million for the first quarter of 2005. For the comparable quarter in 2005, excluding the effects of integration and restructuring charges, net income was $5.9 million.

Sales in the first quarter of 2006 increased 6.6 percent from the first quarter of 2005. Organic sales increased by 5.6 percent principally due to significant growth in Asia Pacific, most notably in the Apparel Identification business. Acquisitions, specifically EMCO and Paxar India, increased sales by 2.8 percent. Foreign currency fluctuations resulted in a 1.8 percent decline in sales in the quarter as compared to the first quarter of 2005.

Rob van der Merwe, President and CEO, said, "We are pleased with our first quarter performance as demand for our products and services were very strong. During the quarter, we saw significant increases in our apparel business, entered into new customer and partner arrangements and completed the purchase of Adhipress SA, which further enhances our capabilities to drive growth in electronic article surveillance (EAS) with key customers in the European markets. We continued to make progress with global product innovation initiatives, and our RFID roll-out with Marks & Spencer, for which we havesupplied in excess of 17 million tags, is exceeding our expectations."

More Paxar Corporation News... More Apparel/Garments News - United States Of America...