Kentwood-based X-Rite Inc. (NASDAQ: XRIT) Wednesday reported preliminary second quarter sales results in the range of $71.5 million to $72.5 million.
That compares to sales of $72 million in the second quarter of 2007.
X-Rite also said that it "continued making progress in managing working capital," making all scheduled payments to lenders on time.
Final results will be made available in the Company’s earnings release and call scheduled for Aug. 6.
“We believe that achieving second quarter sales at the high end of our range in a tough market reflects X-Rite’s value to customers and strong market position,” said Tom Vacchiano, X-Rite’s CEO,
Added X-Rite interim CFO Dave Rawden: “We continue to be in a very good position to meet our financial obligations. Our cash outlook remains healthy and our cash position improved from the first quarter while still making all of our interest and principal payments to lenders, as well as other non-recurring costs associated with our lender covenant defaults, restructuring and refinancing initiative.”
Vacchiano also said X-Rite did well at last month's DRUPA show, a major printing exhibition in Düsseldorf, Germany, with positive indications for sales in color control systems over the coming two to six quarters.
X-Rite offers hardware, software, color standards and services for the verification and communication of color data. The Company serves a range of industries, including imaging and media, industrial color and appearance, retail color matching, and medical.
More at www.xrite.com.
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