Second-quarter sales up 22 percent for Sarin

Second-quarter sales up 22 percent for Sarin
From:http://www.fashion-accouterment.com/
Key words: diamond, company, market

Diamond-technology company Sarin Technologies Ltd. experienced a 22 percent increase in sales in the second quarter of 2008, an increase fueled by emerging markets.

According to financial results announced by the company earlier this week, second-quarter revenues reached $11.3 million, compared with $9.3 million for the same period in 2007, a 21.6 percent increase.

This included a 24 percent jump in revenue from India, to $8.1 million, and a 504 percent increase in revenue from Africa, to $1.2 million.

While revenue increased for Sarin, margins shrank.
According to Sarin, gross margin for the second quarter decreased from 68.1 percent in 2007 to 64.8 percent in 2008, a drop the company attributes to increased sales of its Quazer green-laser diamond-cutting system.
Looking back at the first half of the year, overall revenues for Sarin increased 17.9 percent over 2007, rising from $18.6 million to $21.9 million.
Sarin Chief Executive Officer Zeev Leshem said the company continues to invest heavily in research and development, and expects to both upgrade existing products and launch new products during the second half of the year and into 2009.
On tap are hardware and software upgrades for the Quazer; an upgraded version of Orchidia, the rough color-prediction system; initial testing for a new product that utilizes Galatea's technology, which is capable of fully automated evaluation of a diamond's internal features; and the launch of DiaMobile XL and Instructor, both rough-planning products.

"Besides our focus on enhancing our product offering, we are also taking steps to boost sales in emerging markets like southern Africa," Leshem said in a media release. "The investments we are making in product development, paired with our increasing attention to bolstering our market share in key territories, will set the foundation for the next phase of Sarin's growth."

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