Standex reports earnings gain

Standex posted earnings gains for the first fiscal quarter of 2011, which ended Sept. 30. Net income was just shy of $11 million, or 88 cents per basic share, as compared to $9.8 million, or 79 cents per share, reported in the first fiscal quarter a year ago. Net sales for the Salem-based diversified manufacturer grew about 3.3 percent to $157 million, from $152 million in the comparable quarter. The company’s long-term debt in the first fiscal quarter also fell some 34 percent to $60.8 million, as compared to $93.3 in the same quarter a year ago. Roger Fix, Standex president and chief executive, said, “Three of our five operating segments achieved year-over-year sales growth, with some of our markets still facing recessionary conditions. Most of Standex’s units experienced solid growth, with the Electronics and Hydraulics Group leading the pack with 37.7 percent year-over-year growth. The Engineering Technologies Group’s growth, however, sank more than 14 percent, largely due to lower sales in the aerospace industry, said company officials. Standex’s Air Distribution Products Group also saw sales decline 3.8 percent to finish the quarter with a $500,000 loss. The company also announced a quarterly dividend of 6 cents per share – an increase of 20 percent — payable on Nov. 24 to stockholders of record as of Nov. 8. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW