AdvanSource Biomaterials Corp. (ASB) took a step backwards during the second quarter, when sales slid nearly 50 percent, but still managed to eke out a net profit for the three months ended Sept. 30.
The Wilmington, Mass.-based firm, which makes polymers used for medical devices, posted sales of $518,000 during the second quarter of fiscal 2010, down 47.6 percent compared with $989,000 during the same period last year.
Despite the revenue decline, AdvanSource reported net income of $191,000 for the quarter, compared with a net loss of $327,000 during Q2 2009. The company credited cost-cutting measures and a $729,000 contribution from the sale of its Gish Biomedical to Medos Medizintechnik AG.
AdvanSource slashed expenses during the quarter, cutting cost of sales by 23 percent and operating expenses by 19 percent, to $291,000 and $769,000, respectively.