Net revenues rose by $18.4m to $113.3m from $94.9m in the corresponding quarter of 2009.
Sales and earnings in the 2009 quarter included an unfavourable $13.6m adjustment related to an asset-backed facility as well as $6.2m in transaction costs. Excluding the adjustment, revenue for the quarter increased 4.4% from a year ago.
“We expect a strong earnings performance for 2010 and will intensify our effort on new product development to position the business for growth as we emerge from this downturn,” said Thomas L'Esperance, chief executive officer at Alliance Holdings. He added that the company's core strategies remain unchanged and that it would continue to focus on its initiative to put the customer first. The company would also continue to expand its presence beyond the USA and Canada."
