Del Global Technologies posted operating results for its fiscal 2003 second quarter and six-month period (end-February 1). Combined net sales for the second quarter rose 7% to $26 million, compared with $24.4 million in the second quarter of 2002.
Sales at the company’s Power Conversion Group (PCG) increased 7% to $10.8 million, compared with $10 million in the same period last year. The Valhalla, NY-based firm attributes the growth to $3 million in shipments of high-voltage power supplies to manufacturers of airport explosives detection systems during the quarter. However, the firm did note that the group’s sales declined $2.8 million compared with the first quarter of fiscal 2003.
At Del's Medical Systems Group (MSG), sales were $15.2 million, a 7% increase from $14.1 million in the same period last year, and 27% higher than the $11 million in sales from the first quarter of fiscal 2003. The company attributes the group’s growth to a 9% uptick in U.S. operations and a 44% boost in European operations.
The company’s net loss for the second quarter was $6.3 million, compared with a net loss of $171,000 for the same period one year ago. The net loss includes a tax expense of $4.7 million (principally non-cash) recognized to establish a partial valuation reserve against the carrying value of Del’s deferred tax assets.
The firm previously forecasted its 2003 sales to be in the range of $108 million-$112 million. On the basis of its first two quarters, the company has lowered its sales estimates for the fiscal year to $103 million-$106 million.
By AuntMinnie.com staff writers
March 18, 2003
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Del reaches agreement with SEC, November 6, 2002
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