Newport Business Solutions Announces Earnings
Newport Business Solutions of Newport Beach, California, announced its second-quarter earnings this week.
- (1888PressRelease) September 06, 2011 - Newport Business Solutions today announced financial results for its fiscal 2011 second quarter ended July 31 2011. Newport Business Solutions posted record revenue of $8.2 million and record net quarterly profit of $1.5 million. These results compare to revenue of $6.5 million and net quarterly profit of $1 million in the year-ago quarter. Gross margin was 35.2 percent compared to 41.8 percent in the year-ago quarter.
Newport Business Solutions is a distributor and manufacturer of mechanical seals and has expanded its services to the airline industries.
"We had a phenomenal quarter with record sales from the design and manufacture of custom and FAA/PMA parts to engineered retrofits." said Traye Gary, Newport Business Solutions' CEO. "We are firing on all cylinders and we've got some exciting plans in the workings for 2012 including expanding our services to airline industries.
Newport Business Solutions offers an extensive product line of O-rings, seals, gaskets and custom molded shapes. Newport Business Solutions services the airline industries and also carries an extensive industrial line of self-manufactured parts.
"Despite a very challenging economy, 2011 has so far been another productive and profitable year for Newport Business Solutions," said Jessica Abbota, Chief Financial Officer, Newport Business Solutions.
"We have taken long-term strategic actions positioning us for anticipated continued double-digit growth in 2012."
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