Young Innovations Inc. (YDNT, Financial) filed Quarterly Report for the period ended 2010-03-31.
Young Innovations Inc. has a market cap of $191.9 million; its shares were traded at around $24.06 with a P/E ratio of 13.8 and P/S ratio of 2. The dividend yield of Young Innovations Inc. stocks is 0.6%. Young Innovations Inc. had an annual average earning growth of 6.6% over the past 10 years. GuruFocus rated Young Innovations Inc. the business predictability rank of 2.5-star.YDNT is in the portfolios of Chuck Royce of Royce& Associates.
Gross profit increased $492 or 3.7% to $13,802 in the first quarter of 2010 compared to $13,310 in the first quarter of 2009. Gross margin decreased to 55.7% of net sales in the first quarter of 2010 from 56.0% in the first quarter of 2009. The slight decline in margin percentage was primarily attributable to the mix of products sold as compared to the prior period.
Income from operations increased $412 or 8.2% to $5,407 in the first quarter of 2010 compared to $4,995 in the first quarter of 2009. The change was a result of the factors described above.
Interest expense, net decreased $53 to $101 in the first quarter of 2010 from $154 in the first quarter of 2009. The decrease was primarily attributable to lower borrowings on the Company's credit facility.
Historically, the Company has financed its operations primarily through cash flow from operating activities and, to a lesser extent, through borrowings under its credit facility. Net cash flow from operating activities was $7,015 and $3,965 for the first three months of 2010 and 2009, respectively. Net capital expenditures for property, plant and equipment were $1,077 and $1,367 for the three months of 2010 and 2009, respectively. Operating cash flow in 2010 improved due to increased net income, the reduction in inventories due to timing of product sales and accounts payable due to the timing of vendor payments. These improvements were somewhat offset by an increase in accounts receivable principally caused by the timing of collections received in 2010 compared to 2009. The timing of payments did not adversely impact the aging of receivables.
the Company is exposed to interest rate risk. A theoretical 100 basis point increase in interest rates would have resulted in approximately $112 and $73 of additional interest expense in the three month periods ended March 31, 2010 and 2009, respectively. Alternatively, a 100 basis point decrease in interest rates would have reduced interest expense by approximately $112 and $73 in the three month periods ended March 31, 2010 and 2009, respectively.
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Young Innovations Inc. has a market cap of $191.9 million; its shares were traded at around $24.06 with a P/E ratio of 13.8 and P/S ratio of 2. The dividend yield of Young Innovations Inc. stocks is 0.6%. Young Innovations Inc. had an annual average earning growth of 6.6% over the past 10 years. GuruFocus rated Young Innovations Inc. the business predictability rank of 2.5-star.YDNT is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Net sales increased $1,018 or 4.3% to $24,782 in the first quarter of 2010 from $23,764 in the first quarter of 2009. Overall demand for products remained stable in the first quarter. Increased sales of consumable products, which include preventive, infection control, endodontic, micro-applicators and home care product lines, were somewhat offset by weaker results in the diagnostic product line. Given the ongoing high unemployment rates in the U.S., the Company believes that the increased strength of consumable product sales may be more a function of timing of orders than a reflection of general market growth. A weaker U.S. dollar positively impacted sales by approximately $118.Gross profit increased $492 or 3.7% to $13,802 in the first quarter of 2010 compared to $13,310 in the first quarter of 2009. Gross margin decreased to 55.7% of net sales in the first quarter of 2010 from 56.0% in the first quarter of 2009. The slight decline in margin percentage was primarily attributable to the mix of products sold as compared to the prior period.
Income from operations increased $412 or 8.2% to $5,407 in the first quarter of 2010 compared to $4,995 in the first quarter of 2009. The change was a result of the factors described above.
Interest expense, net decreased $53 to $101 in the first quarter of 2010 from $154 in the first quarter of 2009. The decrease was primarily attributable to lower borrowings on the Company's credit facility.
Historically, the Company has financed its operations primarily through cash flow from operating activities and, to a lesser extent, through borrowings under its credit facility. Net cash flow from operating activities was $7,015 and $3,965 for the first three months of 2010 and 2009, respectively. Net capital expenditures for property, plant and equipment were $1,077 and $1,367 for the three months of 2010 and 2009, respectively. Operating cash flow in 2010 improved due to increased net income, the reduction in inventories due to timing of product sales and accounts payable due to the timing of vendor payments. These improvements were somewhat offset by an increase in accounts receivable principally caused by the timing of collections received in 2010 compared to 2009. The timing of payments did not adversely impact the aging of receivables.
the Company is exposed to interest rate risk. A theoretical 100 basis point increase in interest rates would have resulted in approximately $112 and $73 of additional interest expense in the three month periods ended March 31, 2010 and 2009, respectively. Alternatively, a 100 basis point decrease in interest rates would have reduced interest expense by approximately $112 and $73 in the three month periods ended March 31, 2010 and 2009, respectively.
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