Acme Inc. today announced a third quarter operating profit of $45.0 million, as compared to...
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Acme Inc. today announced a third quarter operating profit of $ million, as compared to a net operating los of $ million for the second quarter of this year. The company also reported record revenue of $ million for the quarter. Eric mith, CEO of Acme, explained: We are pleased to report that our efforts to improve sales in our core business have been successful. Our primary revenue stream continues to be domestic sales of our transistor products, and we expect to see continued growth in this area over the next few quarters. Administrative expenses as a percent of net revenues for the third quarter were percent compared to percent for the second quarter, which continues to reflect our cost savings initiatives that we implemented starting in November of last year." Acme also announced a share buyback plan that allows the repurchase of up to $ million of the company's outstanding common stock over the next months.
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