Earnings Call Excerpt
Rimage Corporation (RIMG)
Q3 2007 Earnings Call
October 18, 2007 - 10:00 a.m. ET
Executives
Mr. Bernard P. Aldrich - President and Chief Executive Officer
Mr. Rob Wolf - Chief Financial Officer
Mr. Manuel M. Almeida - Executive VP of Sales & Marketing
Mr. David J. Suden - Chief Technology Officer
Analysts
Chuck Murphy – Sidoti & Company
Greg McKinley – Dorothy & Company
Jerry Heffernan – Lord Abbett
Greg Weave – Current Capital
Richard Feldman – Monarch Capital
Steve Ryan
Presentation
Operator
Thank you for standing by. Welcome to the Rimage Corporation, the third quarter earnings conference call. (Operator instructions). At this time I would like to turn the conference to Bernie Aldrich, President and Chief Executive Officer of Rimage. Please go ahead.
Bernie Aldrich
Good morning and thank you for taking the time to participate in our third quarter earnings conference call. Joining me today is Rob Wolf, our Chief Financial Officer who will review our recent operating results and some detail. Also, with us are Manny Almeida, our Executive Vice President of Sales and Marketing and Dave Suden, our Chief Technology Officer. We will be pleased to take your questions at the conclusion of our opening remarks. Since regulation FD prohibits us from providing any forward-looking statements unless they are simultaneously released to the public, we have provided financial guidance for the fourth quarter of 2007 in this morning’s release. It is important to understand that this guidance is subject to a number of risks that could affect our anticipated performance. These risks are set forth in our filings with the Securities and Exchange Commission which we urge you to review.
Turning now to the subject of this conference call, third quarter sales totalled $33.7 million. An increase of 36% from the $24.8 million in the year earlier period. Third quarter earnings rose 40% to $6.2 million or 59 cents per diluted share from $4.4 million or 43 cents per diluted share in the third quarter of 2006. Before briefly reviewing our third quarter results I want to mention the new share repurchase authorization that we announced in this morning’s release.
Under the previous buyback program that was adopted in July we repurchased the entire 500,000 shares that our board authorized. Through the new authorization we can repurchase another 500,000 shares at prevailing market prices in the open market or in private transactions subject to market conditions, share price, trading volume and other factors. This program could be discontinued at any time.
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