Alico cuts costs; Sun Hydraulics expands business; SRI Surgical losses mount.
Cost cutting has boosted profits for Alico Inc., the land management company based in La Belle.
Operating revenues for the second quarter of 2010 were $28.4 million, down slightly from last year's $31.2 million. But net income more than tripled, from $609,000 in 2009's second quarter to $2.3 million this year.
"Our emphasis on controlling expenses in each of our operating divisions is yielding positive results,” said Alico CEO JD Alexander, adding that general and administrative expenses for the company fell 44% below last year's amount.
Alico, Inc. owns approximately 135,500 acres of land located in Collier, Glades, Hendry, Lee and Polk counties.
Sun Hydraulics Corp.
Executives at Sun Hydraulics Corp. worked diligently to expand the firm's business during the downturn, and those efforts appear to have paid off this quarter.
Net sales increased 81% for the Sarasota firm, up from $21.6 million last year to $39.2 million in the second quarter of 2010. That turned a net loss of $500,000 in 2009 into a $6.1 million profit this year.
That gives Sun $9.4 million in net income so far this year, whereas the firm had essentially broken even through the first six months of 2009.
"We met our revenue estimates, came in at the top of our earnings estimates, and have quickly regained our operating leverage,” said Sun CEO Allen Carlson. “We are very pleased that second quarter results included shipments to new customers in China, North America and Europe.”
Carlson predicted that third quarter results would be slightly weaker than the company's most recent performance, due to normal seasonality.
SRI Surgical Express Inc.
Losses continue to mount for SRI Surgical Express Inc., a Tampa-based medical supply company that has not been profitable for years.
In the recently concluded quarter, SRI lost $313,000, which represents a better performance than that of a year ago, when the firm lost $704,000.
This year's first quarter was even more challenging for SRI. The company lost $1.5 million over the first three months of 2010, for a year-to-date loss of $1.8 million.
SRI CEO Gerald Woodward says interest in the company's disposable medical products is increasing, but higher materials and distribution costs are hurting profits.
SRI Surgical Express Inc. serves hospital and surgery centers in 25 different states.