Coreco Sales Up 27% in Q2
Montreal, Aug. 3 -- Coreco Inc. posted its highest quarterly revenues in three years as second-quarter sales rose 27% to $6.2 million.
Net income almost doubled vs. a year ago, to $552,849. Sales were up 17% sequentially.
Gross margins increased to 61.1% of sales from 58.7% last year and 60.7% last quarter.
Coreco, which makes frame grabbers and other products and software for machine vision equipment, said all major geographic markets saw higher sales, with Asia up 46%, the U.S. up 28% and Europe up 13%. Asia accounted for 30% of total sales, North America for 45% and Europe for 25%.
"Our second quarter continued the surge in results that we reported in the first quarter," said Keith Reuben, CEO, in a press statement. "We are pleased by the renewed strength in all our geographic markets as well as among our core OEM customers in the semiconductor and electronics industries.
"The machine vision market is currently in an expansion phase, particularly in Asia," he said.
During the quarter Coreco opened a sales support office in Japan, its first outside North America.
