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Paxar Corporation Q2 sales, net income up

27
Jul '06
Paxar Corporation has reported record sales of $233.3 million for the second quarter of 2006, compared with sales of $214.5 million for the second quarter of 2005.

Net income of $14.6 million was reported for the second quarter of 2006, versus net income of $14.4 million for the second quarter of 2005. Excluding the effects of integration and restructuring charges of $1.6 million net income for the second quarter of 2006 was $15.8 million while on the same basis the comparable figure for 2005 was net income of $16.1 million.

Second quarter 2006 earnings per share also included a charge of $0.8 million related to the impact of expensing share-based compensation pursuant to the adoption of FAS 123(R).

For the first six months of 2006, the company reported sales of $432.9 million compared with sales of $401.7 million for the first six months of 2005. Net income of $19.8 million was reported for the first six months of 2006, versus net income of $19.7 million for the first six months of 2005. Excluding the effects of integration and restructuring charges of $4.6 million net income for the first six months of 2006 was $23.3 million while on the same basis the comparable figure for 2005 was net income of $22.0 million.

For the first six months of 2006 earnings per share also included a charge of $1.7 million related to the impact of expensing share-based compensation pursuant to the adoption of FAS 123(R).

Sales in the second quarter of 2006 increased 8.8% from the second quarter of 2005. Organic sales increased by 6.5% principally due to continued significant growth in Asia Pacific, most notably in the apparel business, and strong bar code machine sales as well as growth in the EMEA region. Acquisitions, specifically Paxar India and Adhipress S.A., increased sales by 2.5%.


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