Net income for the quarter ended March 31, 2005 increased by $0.9 million to $0.8 million of net income from $0.1 million of net loss for the quarter ended March 31, 2004. EBITDA for the quarter ended March 31, 2005 increased $1.1 million to $3.4 million from $2.3 million for the quarter ended March 31, 2004.
Norm Harris, Diamond Triumph's Chief Executive Officer, had the following comments regarding the Company. "Despite relatively flat sales versus 2004, the Company was able to increase earnings by leveraging costs throughout the organization. Based on the uncertainty surrounding pricing within our industry, we must continue to explore further opportunities to become more efficient in all facets of our business."
Michael Sumsky, Diamond Triumph's President and Chief Financial Officer added, "In light of our sales performance, we are pleased that we were able to maintain positive cash flow during the first quarter. Our challenge is to broaden our revenue base to generate additional cash flow to allow us to de- lever the Company."