FARGO ELECTRONICS’ NET INCOME RISES MORE THAN 21% IN 1st QUARTER TO $14.6 MILLION; EPS INCREASES 2 C
Fargo Electronics Inc., a manufacturer of products for the personalization of plastic identification cards, reports net income of $14.6 million for the first quarter of 2000 ended March 31, an increase of 21.1 percent over net sales of $12 million for the first quarter of 1999. Net income for the period, including an after-tax extraordinary loss of $206,000 for the write-off of deferred financing costs, was $550,000, or 6 cents per diluted share, compared to $251,000, or 4 cents per diluted share, in 1999.
“Results in the first quarter were in line with our expectations,” says Gary R. Holland, president and CEO. “As was the case in the fourth quarter of 1999, net sales grew at better than 20 percent and our gross margin was at 44.7 percent, up from 44 percent in the fourth quarter of 1999.” Fargo Electronics, founded in 1974, manufactures desktop systems for on-site, instant issuance of personalized plastic ID cards.
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