NEBS Reports 3rd-Quarter Revenue Increase
New England Business Services Inc., a business-to-business direct marketer, yesterday reported a 5 percent increase in revenue for third quarter 2001, which ended March 24.The report showed third-quarter revenue of $123.2 million, which includes results from Premium Wear Inc., a company that NEBS acquired in July 2000. The previous year's revenue for the same period was $117.4 million.
Net income, however, was lower -- $3.5 million for the quarter, or 27 cents per share, compared with $7.5 million, or 55 cents per share, in the same period last year.
Net income for the three months included a net after-tax integration charge of $917,000, or 7 cents per basic and diluted share. NEBS, Groton, MA, benefited from a favorable tax ruling that resulted in a gain of 5 cents per share.
Earnings also declined to $4.5 million in the third quarter, compared with $6.8 million for the previous year's quarter. Third quarter 2001 includes a charge of 15 cents per share in acquisition-related expenses, compared with a charge of 13 cents per share in last year's third quarter.
