Fargo sales hit $17.8 million;
debt paid down
MINNEAPOLIS - Fargo Electronics in October reported net sales for the third quarter ending Sept. 30, of $17.8 million compared with sales of $15.4 million in the third quarter of 2001, an increase of 15 percent.
Net income for the third quarter was $2.4 million or 19 cents per share (diluted), compared to $1.4 million or 12 cents per share (diluted) in the same period last year.
"We are pleased with Fargo's third quarter performance, which set a new quarterly revenue and earnings record," said Gary R. Holland, president and chief executive officer of Fargo. "Sales of Fargo printer/encoders for large governmental and corporate projects strengthened during the quarter, and successful shipping of our new Persona C16 printer also contributed to a strong quarter."
Holland said the company continues to pay down its debt on an accelerated schedule.
As of Sept. 30, Fargo's outstanding debt stood at $5.5 million, and since the end of the quarter, Fargo paid down an additional $1 million, he said.