CTI Industries Corp (CTIB) Reports Q3 Loss of $0.16

CTI Industries Corp (NASDAQ: CTIB) reported Q3 EPS of ($0.16), versus ($0.08) reported last year. Revenue for the quarter came in at $11.53 million, versus $13.23 million reported last year.

"Our results for Q3 2018 were indicative of the inherent seasonality of our business during the July-September time frame, which is traditionally our weakest quarter, as well as a change in customer ordering patterns this year," said Jeffrey Hyland, President of CTI. "We are, however, maintaining a high degree of optimism for our full year performance, driven by anticipated strong sales and operating profitability in the current fourth quarter of 2018. We have removed $1.4 million of expenses from our cost structure through the first nine months of 2018 and are on track to remove approximately $3 million of annualized operating costs by the end of 2018. Our manufacturing efficiencies have improved, capacity has increased, and we have implemented a robust business development program. We remain focused on strategically reducing our debt and making critical investments to support further growth."

For earnings history and earnings-related data on CTI Industries Corp (CTIB) click here.

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