Del posts loss, nears SEC settlement

Charges related to the settlement of shareholder litigation and high audit, accounting, and consulting fees contributed to a $12 million fiscal 2002 loss for Del Global Technologies. For the fiscal year (end-August 3), the Valhalla, NY-based firm had net sales of $98.1 million, up 5.6% compared with the $93 million recorded in fiscal 2001.

Sales at Del’s x-ray business unit, Del Medical Systems Group, increased by $8.1 million, primarily due to a major contract in Eastern Europe, according to the company. Medical systems sales comprised 56% of Del's total revenue for fiscal 2002.

By staff writers
November 18, 2002

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Copyright © 2002

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