Interceramic reports record sales
The company had sales of $75.9 million in the third quarter, compared to $66.5 million in the same quarter of 2000. For the first three quarters of this year, sales were up nearly 11% from sales in the same period of 2000.
According to the company, this increase was caused by Interceramic's focus on cost reduction and operating efficiencies
The company's operating margin increased to 13.3%, up from 10.7% in the third quarter of 2000 and 11.1% in the second quarter of this year.
EBITDA for the third quarter of 2001 was approximately 29% greater than EBITDA of $10.6 million in the third quarter of 2000. Interceramic set a record with EBITDA of $45.4 million over the last 12 months.
This cash generation has allowed the company to continue its debt reduction. The company ended the third quarter with net debt of $105.3 million, more than $11 million lower than at the midpoint of this year.