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Sarine's 2Q Revenue +12%, Profit +4%
Aug 11, 2014 8:24 AM
By Ronen Shnidman
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RAPAPORT... Sarine Technologies Ltd., the diamond equipment manufacturer, reported that revenue grew 12 percent year on year to $24.7 million during the second quarter that ended June 30. The company's profit rose 4 percent to $8.6 million, as sales growth was partially offset by an increase in the company's corporate tax rate. Sarine's diluted earnings per share increased 2 percent to 2.4 cents during the period.
Sarine’s strongest growth market for the quarter was across North America, where revenue jumped more than tenfold to $287,000. In absolute terms, most of the company’s growth occurred in India, the world’s main diamond manufacturing hub, where Sarine’s sales increased 19 percent – or $3.3 million – $20.2 million during the period.
During the first six months of the year, Sarine’s sales grew 16 percent year on year to $49.1 million. Profit increased 8 percent to $17.6 million, while diluted earnings per share rose 5 percent to 5 cents. The board declared an interim dividend of 3 cents per share to be distributed to shareholders. The dividend is comprised of 2 cents as part of the company’s regular dividend policy coupled with a 1 cent special dividend.
The company delivered 34 of its Galaxy systems during the first half, raising the global number of Galaxy systems in use to 175. Meanwhile, Sarine said that recurring revenue from its pay-per-use model reached 35 percent of total revenue.
Sarine’s management said that they anticipate revenue gains to continue through the second half of the year as favorable macroeconomic conditions are expected and, in particular, a stable rupee to dollar exchange rate.
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Tags:
Galaxy, loupe, recurring, revenue, Ronen Shnidman, Sarine
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