Medical Action Industries Inc. reported unaudited earnings results for the third quarter and nine months ended December 31, 2009. Net sales for the three months ended December 31, 2009 totaled $73,176 000, an increase of $1,181,000, or 1.6% above the $71,995,000 in net sales reported for the three months ended December 31, 2008. Net income for the third quarter of fiscal 2010 was $4,010,000, or $0.25 per basic and diluted share, up significantly from the $157,000, or $0.01 per basic and diluted share, reported for the comparable three months of fiscal 2009. Income before income taxes was $6,664,000 against $252,000 of previous year period. Net sales for the nine months ended December 31, 2009 amounted to $218 923,000, a decrease of $4,291,000, or 1.9%, from the $223,214,000 in net sales reported for the nine months ended December 31, 2008. Net income for the nine months ended December 31, 2009 was $11,647,000, or $0.72 per basic and diluted share, an increase of $8,464,000 or $0.52 per basic and diluted share from the $3,183,000, or $0.20 per basic and diluted share, reported for the comparable nine months of fiscal 2009. Income before income taxes was $19,350,000 against $5,077,000 of previous year period. Book value per share was $8.44 compared to $7.61 for the same period last year.

Medical Action Industries Inc. reported net income of $4,010,000 for the third quarter of fiscal 2010. The company intends to make acquisitions. Chief Executive Officer and President of the company, Paul D. Meringolo said: We are not finished with our work in these functional areas and intend to make continual investments in each department over the foreseeable future. On the financial side, the benefit of lower resin costs as well as our focus on revenue and costs has delivered gross margins in the 23% range. We have also continued to generate strong cash flow, allowing us to consider potential acquisitions and reduce our debt by $30,721,000 over the last nine months.

Medical Action Industries Inc. announced that they will report Q3, 2010 results before the start of trading on February 04, 2010.