There’s a lot of interesting information in this10Q and the conference call. Let’s start with the income statement to see where we want to focus. You can see the whole 10Q here.
First, we see a 47.9% growth in sales from $36 million in the quarter ended March 31, 2011 to $53.3 million in the same quarter this year. But net income rose only 4.4% from $1.07 million to $1.117 million. As a percentage of revenue, it fell from 3% to 2.1%. There was actually a $103,000 operating loss in North America. Europe’s operating income was $1.587 million.