Alpha Technologies Reports 2002 First-Quarter Results
Alpha Technologies Group Inc. (Los Angeles, CA) announced a net loss from continuing operations for the first quarter of fiscal 2002 ended January 27, 2002, of $314,000, or $0.04 per share. This compares to net income from continuing operations of $1,150,000, or $0.17 per diluted share, for the first quarter of fiscal 2001. Revenue declined to $12,587,000 for the first quarter of fiscal 2002 from $15,461,000 for the fourth quarter of fiscal 2001 and $16,161,000 for the first quarter of fiscal 2001.
"Business remains slow, although it appears to be improving somewhat from what seems to have been the cyclical trough reached in the third quarter of last fiscal year. We are continuing to manage our costs closely, including further reductions in headcount and other overhead expenses. This is in addition to the sharp cuts implemented during fiscal 2001. We are doing what is necessary to position Alpha Technologies to return to growth and profitability when conditions in our primary markets improve," said Chairman and CEO Lawrence Butler.