Gerber Scientific (GRB) Tops Q1 EPS by 1c

August 27, 2009 7:07 AM EDT

Gerber Scientific, Inc. (NYSE: GRB) reports Q1 EPS of $0.02, 1 cent better than estimates. Revenues were $119.7 million vs. $120.80 million consensus.

"While weak demand has persisted across most of the markets we serve due to the continued uncertainty about when the economic recovery will begin, we are seeing some encouraging signs of improved activity in this difficult economic cycle," said Mr. Giles. "Although capital equipment sales remain very unpredictable, sequential aftermarket revenue has improved noticeably indicating increased equipment use - and a positive sign regarding the recovery in our markets. Furthermore, quote and order activity has improved, but it is still difficult to close transactions due to the lack of credit availability and economic uncertainty. As a result, we don't expect to see any measurable improvement in our top line until the last half of fiscal 2010. Nevertheless, we do believe our revenue level has stabilized, as substantiated by essentially flat sequential sales performance from the fiscal 2009 fourth quarter, and expect to be back on track to deliver improved earnings performance in the last half of the fiscal year. Until we gain more traction in our markets, we will remain focused on prudently managing our business and generating cash to improve our liquidity and balance sheet to position the Company to rebound as the recovery begins. "

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