Mark IV Industries Inc. said Tuesday that its profits rose 19.7 percent during the first quarter as the Williamsville conglomerate reaped $600,000 in one-time gains from securities deals.
Mark IV said its net income rose to a record $7.3 million, or 42 cents per share, during the quarter ended May 31, up from $6.1 million, or 32 cents per share, a year earlier.
Without the extraordinary gains, Mark IV's profits from continuing operations -- which excludes interest expense, securities transactions, asset sales and taxes -- rose at a much slower pace.
Income from continuing operations rose 3 percent to $6.7 million from $6.5 million, the company said. Revenues from continuing operations rose 7.8 percent to $223.9 million from $216.9 million a year ago.
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