The company reported diluted earnings per share from continuing operations of $0.23 for the fourth quarter of 2007, a decrease from $0.61 for the fourth quarter of 2006. Fourth quarter 2007 income from continuing operations was $5.5 million, a decrease from $14.3 million for the same period in 2006.
Sales for the fiscal year 2007 were $602 million, an increase of $44.1 million or 8% compared to 2006 sales of $557.9 million. Incremental sales in 2007 related to acquisitions were about $79 million or 14% of prior year sales.
Acquisition sales growth was attributable to the full year impact on 2007 of the Little Giant Pump Company and Healy Systems acquisitions from 2006, as well as the 2007 acquisitions of Pump Brands and the pump division of Monarch Industries.
Fueling systems sales worldwide were $135.2 million, an increase of approximately 47% in 2007 from fiscal year 2006. Fueling systems sales growth benefited from both organic sales growth, primarily related to vapor recovery systems and electronic fuel management systems.
Fourth quarter sales were $153.7 million, up $5.8 million or 4%, compared to $147.9 million in 2006. Fourth quarter 2007 sales growth attributed to acquisitions was about $16 million or 10% of prior-year sales. Gross profit for the company as a percentage of net sales for full year 2007 declined to 28.7% from 34.3% in 2006.
