CTI Industries Corp., a manufacturer and marketer of novelty balloons, printed and laminated films and flexible packaging and storage products, today announced its full-year and fourth-quarter results of operations for the twelve and three-month periods ended December 31, 2010. 2010 was a milestone for the company, as it achieved record sales.
For the year ended December 31, 2010, consolidated net sales totaled $47.74 million, a 15-percent increase as compared to consolidated net sales of $41.29 million for the year ended December 31, 2009. Full-year net income of $1.82 million, $0.61 per share (basic) and $0.60 per share (diluted), represents an 80-percent increase compared to $1.0 million, or $0.36 per share (basic and diluted), for 2009.
Consolidated net sales for the fourth quarter of 2010 were $11.70 million, a 9-percent increase compared to consolidated net sales of $10.73 million for the fourth quarter of 2009. For the fourth quarter of 2010, CTI’s net income grew 28 percent to $379,000, compared to net income of $296,000 for the fourth quarter of 2009. Earnings per share for the fourth quarter of 2010 were $0.12 (basic and diluted), compared to $0.11 (basic and diluted) for the same period of 2009.
Gross margin levels stayed flat at 22.2 percent for 2010 compared to 22.3 percent reported in 2009.
During 2010, CTI established an office and warehouse in Germany and launched its products into the mainland Europe marketplace. The company also acquired and assembled new equipment for the production of latex balloons, which is expected to increase latex balloon production capacity by 70 percent.
CTI also took impressive efforts to strengthen its balance sheet, generating more than $3 million in cash flow from operations and reducing its long term indebtedness by more than $1.7 million. The company reported that its working capital balance increased to more than $3 million; shareholders equity increased from $8.7 million at the end of 2009 to more than $11.8 million by year-end 2010.
For more information visit www.ctiindustries.com