Mesa Laboratories (MLAB) has reported 29.13 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $2.36 million, or $0.62 a share in the quarter, compared with $1.83 million, or $0.48 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $3.53 million, or $0.92 a share compared with $2.80 million or $0.74 a share, a year ago. Revenue during the quarter grew 12.09 percent to $24.41 million from $21.78 million in the previous year period. Gross margin for the quarter contracted 378 basis points over the previous year period to 56.23 percent. Total expenses were 83.56 percent of quarterly revenues, down from 86.20 percent for the same period last year. This has led to an improvement of 263 basis points in operating margin to 16.44 percent.
Operating income for the quarter was $4.01 million, compared with $3.01 million in the previous year period.
"Mesas financial performance improved significantly in the second quarter compared to the first quarter of this fiscal year, though we believe the business can perform at a higher level going forward," said John J. Sullivan, president and chief executive officer. "I am pleased that Adjusted Net Income would have increased modestly over last year excluding the one-time items noted above, thanks in part to a lower tax rate, but operating income, when adjusted for the items detailed, still declined period-over-period and lagged our expectations."
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