Del releases Q3 2002 results

Del Global Technologies today posted operating results for its fiscal 2002 third quarter and nine-month period ended April 27, 2002. Net sales for the third quarter rose 4% to $26.9 million, versus $25.9 million in the third quarter of 2001. Del attributed the rise to a $3 million sales increase in its medical imaging business, a gain that was offset by lower sales in its power conversion group.

So despite medical imaging's gains, Del’s overall gross margin percentage declined for the current quarter compared to Q3 results in fiscal 2001: 23% versus 26% for the year-ago quarter. The net loss for Q3 2002 was $5.2 million versus a net loss of $2,000 in Q3 2001.

The company attributed the higher loss to a noncash charge of approximately $7 million and approximately $200,000 in legal fees related to class action litigation settlement. It also recognized audit and specialized accounting fees of nearly half a million dollars.

The company said it has finalized a $10 million revolving credit facility with Transamerica Business Capital.

By AuntMinnie.com staff writers
June 11, 2002

Related Reading

Del shows signs of recovery, May 9, 2002

Del reports 2001 net loss, predicts another loss in 2002, April 2, 2002

Del gets OK to settle class-action suit, February 5, 2002

Del adopts shareholder rights plan, September 17, 2001

Del names Park CEO, settles lawsuits, July 27, 2001

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