Sarin Posts Q4 Results, Revenue Increases 314%

Sarin Technologies, a leading developer of advanced diamond manufacturing and planning systems, posted a 314 percent increase in revenue in the quarter full year ended December 31, 2009. The significant revenue increase, which totaled $10.4 million, led to a record quarterly profit for the company, Sarin announced Thursday.

Sarin’s strong sales performance resulted in net profit rising to US$4.5 million for the quarter. Quarterly profit was driven by recovery of diamond industry, cost cutting and continued rollout of Sarin’s Galaxy 1000TM system. Sarin had its first commercial sale of the system during the quarter, something the company describes as “a significant milestone.”

As a result, contributions from Galaxy-related revenues exceeded 10 percent of Sarin’s revenue for first time. The company stated that, with the exception of North America, sales continued to improve across all geographical regions on a sequential basis. Barring unforeseen developments, Sarin’s management expects trend towards recovery to continue in 2010, with more sales anticipated than in 2009.

Sarin is a worldwide leader in the development and manufacturing of advanced planning, evaluation, processing and measurement equipment for diamond production and grading. In January 2008 Sarin acquired a minority stake in IDEX Online.