Collins Industries, Inc. today reported that sales for the second quarter increased 24% to a record second-quarter $75.9 million, compared to $61.3 million for the same period last year.
The company's net income increased to a record second-quarter $2.5 million ($0.40 per share - diluted) for the quarter ended April 30, compared to a net loss of $0.07 million ($0.01 per share - diluted) for the same period last year. This income improvement was principally led by increased revenues and gross profits.
Sales for the six months ended April 30 increased 24% to $140.3 Million, compared to $112.8 million for the same period last year. The net income for the six months increased $4.9 million to $4.1 million ($0.65 per share - diluted), compared to a net loss of $0.8 million ($0.13 per share - diluted) in the same period last year. This income improvement was principally led by increased revenues and gross profits. The prior year period included nonrecurring expenses for severance costs associated with the retirement of two executives and the restatement of financial statements for fiscal years 2002 and 2003 and interim quarterly statements for 2004, along with substantially increased audit fees for fiscal 2004 financial statements. These nonrecurring expenses totaled $ 1.0 million after tax ($0.16 per share - diluted.)
Donald Lynn Collins, President and CEO, said, "Results for the second quarter maintain us on track for a highly successful fiscal 2006 and support our belief that benefits continue to be realized from our investments in technology and engineering."
The company posted a 6% increase in its sales backlog to a record $125.1 million, compared to $117.8 million a year ago. The increased backlog resulted from increased orders primarily in the Terminal Truck / Road Construction and Bus segments, including $18.6 million of a previously reported $28 million order for terminal trucks from the United States Postal Service received in July 2005, which will be primarily produced and delivered during the remainder of fiscal 2006.