Immucor, Inc. (BLUD), a manufacturer of diagnostic substances, Wednesday reported a marginal rise in earnings for the fourth quarter on higher sales, partly offset by increase in costs and expenses.
The Norcross, Georgia-based company's net income for the fourth quarter was $18.3 million, marginally up from $18.2 million in last year quarter. On a per share basis, earnings remained flat at $0.26. On average, five analysts polled by First Call/Thomson Financial projected earnings of $0.23 per share.
Net sales for the fourth quarter were $68.6 million, 12% higher than $61.1 million in the same quarter a year before. Five analysts, on average, anticipated the company to report revenues of $67.36 million.
Income from operations grew to $28.2 million from $27.4 million in the same quarter of the previous year.
Gross profit for the fourth quarter was $49.4 million, up from $45.0 million in the comparable quarter of the prior year.
Total operating expenses rose to $21.2 million from $17.6 million in the same quarter of the earlier year. Provision for income taxes grew to $10.5 million from $10.0 million in the year-ago quarter.
For the fiscal year 2008, the company's net income was $71.5 million or $1.00 per share, up from $60.1 million or $0.85 per share in the earlier year. Five analysts, on average, expected earnings of $0.98 per share.
Net sales for the fiscal year were $261.2 million, higher than $223.7 million in the preceding year. Five analysts' average revenue projection was $259.94 million.
Immucor's stock closed Wednesday's regular trading session at $29.15, down 34 cents or 1.15% on a volume of 1.06 million shares.
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