Springs Global Posts Black Bottom Line in Third Quarter
November 24, 2009,
MONTES CLAROS, Brazil-Springs Global reported net income of $7.6 million in the third quarter, reversing a $34.4 million net loss in the third quarter of last year.
The company managed this in spite of a 13.9 percent drop in net sales, which totaled $322.7 million in the quarter. A Springs statement on the financial results said its bottom line received a major boost from net currency-exchange variations, which resulted in a gain of $12.8 million in the 2009 third quarter versus a loss of $44.7 million in last year's third quarter. In addition, the company's cost of goods sold decreased by 15.6 percent, and it was able to slim down general and administrative expenses by 6.3 percent. These factors helped offset a 33.9 percent jump in selling expenses.