Midwesco Filter 2008 Annual Report
June 16, 2009
Overall, 2008 was a very good year. The company delivered record results for the year. Sales were the highest ever at $303 million, up 26.5 percent from last year. Net income of $6.7 million and income per share of $0.98 (diluted) were also at record levels, in spite of a fourth quarter non-cash goodwill impairment charge of $2.8 million. This charge was related to the filtration and industrial process cooling businesses and eliminated all remaining goodwill on the balance sheet. Without this write down, earnings would have been $8.5 million or $1.24 per share (diluted). Click below for more information.