Acme Electric Reports Financial Results
Acme Electric Corp. (East Aurora, NY) reported net sales for the second quarter ended January 2, 1999, of $18,803,000, compared to $22,752,000 for the same period last year. Net income for the second quarter of fiscal 1999 was $402,000, or $0.08 per share, compared to net income of $498,000, or $0.10 per share, a year ago. Net sales for the six months ended January 2, 1999 were $41,181,000, compared to $44,931,000 for the same period a year ago, while net income for the current period was $924,000, or $0.18 per share, compared with net income of $668,000, or $0.13 per share, last year."The decline in sales is primarily attributable to the loss of a major customer in our electronics business, occurring sooner than expected, and softness in certain segments of the capital goods market that has impacted our electrical power distribution products sales volume," stated Chairman and CEO Robert J. McKenna. "On a more optimistic note, our quoting activity and new product design programs are very active. Several new programs with both existing and new customers are presently in the design stage and should yield solid sales and earnings within the next year."