Elecsys Corporation (NASDAQ:ESYS)

Karl B. Gemperli, Chief Executive Officer, stated, " We are pleased to report the results of the first quarter as we achieved substantial revenue growth and improved bottom-line performance compared to the previous year. Sales increased over 59% from the first quarter of last year and our order backlog continued to grow. Most importantly, during the quarter we increased our investments in both additional product development and new market penetration, which are both vital to sustaining our growth rate over the long term."

Gemperli continued, "Our innovative solutions and technical capabilities are a key component of our growth and we continued to make substantial investments in research and development to expand the range of M2M solutions we offer to industry. In conjunction with new product and technology development, our current business development initiatives are directed at expanding the applications of our existing products into new industry segments and increasing our business in international markets with attractive business potential. During the first quarter, we received our first substantial order for the Middle East market through our recently appointed sales representative in the region. Although the overall global economy remains sluggish, we are focused on numerous exciting opportunities for growth in the rapidly growing industries we target and expect the positive trends in both revenues and earnings to continue during the coming quarters.