ModusLink Global Solutions, Inc. (MLNK) reported for the first quarter net income of $8.56 million or $0.19 per share, compared to a net loss of $18.64 million or $0.41 per share in the same period a year ago.
Quarterly revenues dipped 15.4% to $246.69 million from $291.41 million in the comparable period last year.
Operating income for the first quarter of fiscal 2010 improved to $11.6 million, compared to an operating loss of $10.8 million in the first quarter of fiscal 2009. The company noted that the improvement was due to better gross margin, a 26.1% reduction in Selling General & Administrative expenses and significantly lower restructuring costs compared to the year ago period.
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