Sanford Corp. said its fiscal third-quarter net earnings were $1.8 million, or 53 cents a share, more than double the $820,000, or 32 cents a share, in the third quarter of 1985. Sanford noted it had an extraordinary charge of $396,000 in the third quarter last year.
The Bellwood-based designer and manufacturer of office and school supplies said operating income for the quarter ended Aug. 31 was $4.5 million, up 10.4 percent from the $4.1 million in the third quarter last year. Net sales in the most recent quarter were $19.6 million, up 10 percent from the $17.8 reported a year earlier.
In the first nine months of the fiscal year, Sanford reported net income of $4.2 million, or $1.25 a share, up 70 percent from the $2.5 million, or $1.02 a share, a year earlier.
Operating earnings in the nine months were $12.07 million, up 5.1 percent from $11.4 million a year ago. Net sales were $54.1 million, up 7 percent from $50.2 million a year earlier.
Sanford said that its debt is lower than a year ago. That, combined with lower interest rates, have significantly decreased interest expense. The company said the strong sales are expected to carry into the fourth quarter.
