BONITA SPRINGS, Fla. (AFX) - Source Interlink Cos., a provider of home entertainment products and marketing services, said Thursday that first-quarter earnings doubled on sharply higher revenue.
Net income grew to $3.3 million, or 6 cents per share, from $1.7 million, or 4 cents per share, a year ago. Adjusted earnings totaled $5.3 million, or 10 cents per share, in the latest quarter.
Revenue shot up to $454.6 million from $234.4 million last year, helped by the Levy deal and the acquisition of other magazine distribution markets.
On average, analysts surveyed by Thomson Financial were looking for profit of 9 cents per share on sales of $349.4 million.
Leslie Flegel, chairman and CEO, said, 'Our Alliance division continues to experience impressive sales momentum, posting strong revenue growth and healthy profits against a difficult year-over-year comparison base. Overall, we're very pleased with the performance of the company and expect a solidly profitable fiscal 2007.'
Results for the 2006 first quarter reflect the Alliance merger as of Feb. 28, 2005, but do not include results from the Levy acquisition, which was completed on May 11, 2005, or the acquisition of magazine distribution markets in Southern California and Washington D.C./Baltimore from Anderson News, which was completed on April 1, 2006.
Source Interlink shares closed up 5 cents at $11.43 on the Nasdaq National Market.
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