Del Medical Systems' parent, Del Global Technologies, reported fiscal third-quarter sales of $22.9 million, down 14.6% from the $26.8 million reported in the 2002 fiscal third quarter. For the period (end-May 3), the Valhalla, NY-based firm had a net loss of $3.9 million, including a $2.3 million charge related to a previously announced potential settlement of a Department of Defense investigation.
Del Medical Systems sales dipped 13.5% from $15.5 million last year to $13.4 million. The drop was principally due to lower sales in the Middle East and decreases in domestic private label business, Del said. Last year's third quarter also included approximately $4 million in shipments to a Lithuanian customer, sales that were not repeated this quarter.
Del president and CEO Samuel Park said that the Medical Systems group will enter select new geographic markets, and plans to improve sales and margins by continued integration of its worldwide business. Del's U.S. order rates improved during May and June, Park said.
By AuntMinnie.com staff writersJune 24, 2003
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