APRIL 18--StockerYale (Salem, NH), an independent provider of photonics-based products, has announced its financial results for the first quarter, ended March 31, 2006. All 2005 and 2006 numbers have been adjusted for the previously announced discontinued operations.
Revenues from continuing operations for the first quarter of 2006 were $4.4 million, representing a 12% comparable increase over the first quarter of 2005. Sequentially, revenues grew 9% over the fourth quarter of 2005. The growth in revenues was primarily a result of stronger OEM sales of the company's laser products into the machine-vision and defense markets, as well as growth of specialty optical fiber for industrial, defense, and telecom equipment applications. Specialty optical fiber and laser revenues increased 52% and 10%, respectively. The company expects this trend to continue due to strong order bookings in the first quarter of 2006.
Gross profit increased 21% to $1.7 million in the first quarter versus $1.4 million in the comparable quarter of 2005. Gross margin improved from 34.7% to 37.7% due to higher sales, better product mix and improved manufacturing efficiencies.
For more information, see the company's Web site: www.stockeryale.com.
