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Fiscal year-to-date, sales were $472.2 million, up 16 percent in a year-over-year comparison. Profit increased 16.7 percent to $13.3 million.
“Like most manufacturers, we have been experiencing rising costs of raw materials, which we attempt to offset as much as possible through improved efficiencies and fixed cost reductions; however, the magnitude of commodity cost increases necessitated price increases to our customers,” said John K. Morgan, president and CEO. “Price increases enacted in the direct sales and service channel were successful in offsetting the impact of rising costs of raw materials on gross profit this quarter. However, we will not begin realizing the benefit from price increases initiated in the retail and distribution channels until the fourth quarter of fiscal 2011."