DRI Corporation Posts Profitable Second Quarter
l Second Quarter 2010 Earnings Per Share is 6 Cents
l Gross Margins Improve
l Management Expects Positive Results for Balance of Fiscal Year 2010
l Conference Call Slated Aug. 12, 2010, at 11 a.m. (Eastern)
August 11, 2010 09:38 AM Eastern Daylight Time
DALLAS--(EON: Enhanced Online News)--DRI Corporation (NASDAQ: TBUS), a digital communications
technology leader in the global surface transportation and transit security markets, announced today that it posted
second quarter 2010 net sales of $25.6 million, up approximately 19 percent over the $21.5 million in net sales
posted for the same period last year.
David L. Turney, Chairman of the Board of Directors and Chief Executive Officer, said, “Our second quarter 2010
revenue and margins improved as we had expected; margins were approximately 30 percent, up from 24 percent at
first quarter 2010. Leading the margin improvement was our international business and the revenues derived from
lower-margin served markets remained substantial. Net income before taxes also improved over the same quarter of
the prior year. The consolidated effective tax rate for second quarter 2010 was significantly higher than the prior
year’s same quarter, which reduced our net income. Diluted shares outstanding were higher than last year’s same
quarter by approximately 8 percent, which contributed to the reduction of our earnings per share to 6 cents, as
compared to 9 cents for the same period last year.”
Earlier today, the Company filed with the U.S. Securities and Exchange Commission a Form 10-Q for the period
ended June 30, 2010.
SECOND QUARTER 2010 RESULTS
For the period ended June 30, 2010, net sales were $25.6 million and the net profit to common shareholders was
$763 thousand, or 6 cents per diluted share. This compares to net sales of $21.5 million and a net profit to common
shareholders of $1.1 million, or 9 cents per diluted share, for the same period last year.