Gerber Scientific Inc reported net earnings for the quarter ended April 30, 2006 of $3.9 million, or $0.17 per diluted share, on revenue of $143.1 million. These results were unfavorably impacted by a non-cash, after tax charge of $0.3 million, or $0.02 per diluted share, related to the adoption of FASB Interpretation No. 47, "Accounting for Contingent Asset Retirement Obligations" (FIN 47).
For the fiscal year ended April 30, 2006, the Company reported net earnings of $2.6 million, or $0.12 per diluted share, on revenue of $530.4 million. Net earnings for fiscal 2006 were unfavorably impacted by $0.3 million, or $0.01 per diluted share, related to the cumulative effect of adopting FIN 47.
Foreign currency translation had the effect of decreasing revenue by approximately $4.5 million and $6.7 million for the fiscal 2006 fourth quarter and full year, respectively, over the fiscal 2005 comparable periods.
Gerber Scientific President and Chief Executive Officer, Marc T. Giles, commented, "During fiscal 2006 we executed against our strategy and produced solid results. Revenue increased over the prior year, even after the negative impact of foreign currency translation.
Our new products were well received by our customers in each of the markets that we serve and the value of our supply chain management contributed to the Company's improved operating profit across all three operating segments for fiscal 2006.
Gerber's fourth quarter and full year results reported the Company's highest revenue in the last five years, with fourth quarter revenue of $143.1 million increasing by over 7 percent from the fourth quarter of fiscal 2005. Additionally, the Company generated its highest quarterly operating profit since the second quarter of fiscal 2001. We expect the Company's performance to be strong in fiscal 2007, driven by our new product line-up."