Del shows signs of recovery

Del Global Technologies yesterday posted fiscal second-quarter net sales of $24.4 million, up 5% compared with the $23.2 million posted in the same period last year. For the quarter (end-January 26), the Valhalla, NY-based firm had a net loss of $171,000, compared with a net loss of $1.5 million in the fiscal second quarter last year.

Del also reported its fiscal first-quarter results, catching up with its financial reporting. The firm had finally reported its fiscal 2001 results in April, following delays associated with an extensive auditing review.

In its fiscal first quarter, Del had net sales of $19.5 million, down 12% compared with the $22.1 million posted in the 2001 fiscal first quarter. For the period (end-October 27), the firm had a net loss of $1.5 million, compared with a net loss of $376,000 in the same quarter in 2001. The quarterly sales decline was attributed primarily to Del's North American medical imaging business, which was impacted by uncertainty among its distributors over unfavorable press coverage in trade publications, according to the firm.

Looking ahead, Del said it expects to report net sales of $27 million in its fiscal third quarter (end-April 27), up 4% compared with the previous year. The company also reiterated its previous fiscal 2002 revenue guidance of between $97 million and $100 million. A $7 million litigation settlement, which will be recorded in the third quarter, will result in a loss for the third quarter and fiscal year, according to the company.

By AuntMinnie.com staff writers
May 9, 2002

Related Reading

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

Del to shut down DynaRad facility, May 16, 2001

Copyright © 2002 AuntMinnie.com

Page 1 of 549
Next Page