HAIFA, Israel—Frutarom released financial results for the first quarter 2010, with sales totaling $113.5 million, an increase of 15.3 percent mainly from an organic growth in its core activities of flavors and specialty fine ingredients. The merger of the three successful strategic acquisitions implemented by the company in the first half of 2009 and the strengthening of the West European currencies and the NIS against the U.S. dollar, also contributed to the increase in sales.
Gross profit in 1Q10 increased by 23.4 percent and reached $43.5 million compared to 35.2 million in the same quarter in 2009; gross margin improved and reached 38.3 percent compared to 35.8 percent in the same period in 2009. Operating profit increased by 61.9 percent and reached $16.6 million, compared to $10.2 million last year and operating margin increased and reached 14.6 percent compared to 10.4 percent in the same period in 2009.
EBITDA in 1Q10 increased by 47.3 percent and reached $21.3 million compared to $14.5 million in the same quarter in 2009. EBITDA margin significantly improved and reached 18.8 percent compared to 14.7 percent in the same period last year. Income before taxes in 1Q10 increased at a sharp rate of 121.1 percent and totaled $15.3 million (13.5 percent of sales) compared to $6.9 million (7 percent of sales) in the same quarter last year.
Net profit in the period doubled and totaled $11.1 million compared to $5.6 million in the same period last year and net margin also increased at a sharp rate and reached 9.8 percent compared to 5.7 percent in the same quarter last year.
Profit per share in the first quarter doubled and reached $0.19 compared to $0.10 per share in the same quarter last year.
