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Flow International Corp. has a market cap of $115.5 million; its shares were traded at around $2.42 with a P/E ratio of 48.4 and P/S ratio of 0.6.
Highlight of Business Operations:Sales in our standard segment increased $14.3 million or 32%, and $26.5 million or 31% over the prior year comparative periods. Excluding the impact of foreign currency changes, sales in the Standard segment increased $13.3 million or 30% and $22.5 million or 26% for the respective three and six months ended October 31, 2011 when compared to the prior year comparative periods. The quarter-to-date and year-to-date increases were primarily due to the following:
Double-digit growth in system sales volume in nearly all geographies for an aggregate growth of $12.0 million or 45% and $20.1 million or 39% for the respective three and six months ended October 31, 2011 over the prior year comparative periods. North America standard system sales led the increase over the prior year comparative periods with improvement of $6.7 million or over 60% and $8.7 million or 43%, respectively.
Gross margin for the three and six months ended October 31, 2011 amounted to $24.2 million or 41% and $45.9 million or 41% of sales compared to $18.6 million or 42%, and $36.1 million or 42% of sales in the prior year comparative periods. Generally, comparison of gross margin rates will vary period over period based on changes in our product sales mix and prices, geographic mix and levels of production volume.
For the respective three and six months ended October 31, 2011, sales in our Advanced segment decreased by $2.7 million or 34% and $1.4 million or 10% over the prior year comparative periods. The decrease in sales was anticipated and primarily driven by the timing of our Advanced contracts.
Gross margin for the three and six months ended October 31, 2011 amounted to $1.1 million or 21% and $2.6 million or 21% of sales as compared to $1.2 million and 15% and $3.1 million and 23% of sales in the prior year comparative periods. The moderate improvement in gross margin as a percentage of sales for the three months ended October 31, 2011 when compared to the prior year comparative periods was attributable in part to product mix and to fewer adjustments to original cost estimates on certain aerospace contracts as more experience was gained and projects were concluded.
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