Medical Action Industries Reports Q3 EPS of $.14 vs. $.12

Medical Action Industries Inc. MDCI today reported results for the fiscal 2011 third quarter ended December 31, 2010. Net sales for the fiscal 2011 third quarter were $104,477,000 an increase of $31,301,000 or 43%, above the $73,176,000 in net sales reported for the comparable three months of fiscal 2010. Net sales for the most recent quarter included $33,104,000 in custom procedure tray sales generated by AVID Medical, Inc. which was acquired by Medical Action on August 27, 2010. Excluding sales of custom procedure trays, Medical Action's net sales for the three months ended December 31, 2010 were $71,373,000 representing a decline of $1,803,000 or 2%, from the comparable prior year period. Net income for the fiscal 2011 third quarter was $2,304,000 or $0.14 per basic and diluted share, versus $4,010,000 or $0.25 per basic and diluted share reported for the comparable three months of fiscal 2010.