Core revenues were offset by significantly lower non-core sales. Adjusted EBITDA for the quarter was $26.2 million, compared to $28 million for the prior year quarter.
First quarter net income of $7 million, or $0.39 per share, compares to net income of $10.2 million, or $0.58 per share, for the prior year quarter.
During the first quarter, the company utilized its $115 million revolving credit facility and at September 30, 2007 had a balance outstanding of $24.7 million.
Charlie Shaver, president and CEO, said, I am quite pleased with our first quarter, regarding both financial results and operational accomplishments that will have a significant positive impact on our future.
