SANTA ROSA -- Computer printer toner cartridge maker American TonerServ (Bulletin Board: ASVP) today reported third-quarter revenue increased 10 percent to $8.51 million from a year ago, but the quarterly net loss grew to $1.29 million from $1.03 million in the third quarter of 2009.
Because of increases in toner and service costs, quarterly gross profit as a percentage of net sales decreased to 23.5 percent in the third quarter from 25.7 percent a year before. On Nov. 2 the company announced it doubled the size of its Florida manufacturing plant to make more cartridges in house.
"While we continue to emphasize increasing sales, we have additionally focused our efforts on implementing cost cutting strategies throughout our headquarters and our subsidiaries," said Chief Executive Officer Chuck Mache. "The results of these efforts are recognized through the significant Adjusted EBITDA growth in the third quarter of 2010."
That proforma measure of earnings increased 114 percent to $130,879 in the third quarter from a year before.
The company's revenue pace for the first three quarters of this year, ended Sept. 30, was 18.3 percent ahead of the same period last year, reaching $25.4 million. The net loss for the first three quarters of 2010 was $5.10 million, up from $1.87 million a year before.
The company's stock price was unchanged today at 3.1 cents per share.