Ault Inc. (Minneapolis) reported net sales of $10.3 million for the first quarter of fiscal 2002 ended September 2, 2001, down from $21.9 million for the first quarter of fiscal 2001 ended August 27, 2000.
Net income for the first quarter of fiscal 2002 decreased to a loss of $646,000, or $0.14 per diluted share, compared with $585,000, or $0.13 per diluted share for the same period last year.
Frederick M. Green, president and CEO, commented, "While we are clearly not satisfied with the results of the quarter, we are pleased to have made significant progress on a number of fronts. First, operating expenses in the quarter decreased by nearly $1.0 million when compared with the same period one year ago, primarily due to cost reductions and increased efficiencies. Second, despite the economic issues that have affected our largest customers, our relationships with all of them are intact and we remain well-positioned to meet the pent-up demand when the relevant industry inventory levels turn. And, our recent MagneTek announcement represents a significant step toward meeting our objective to enter into partnership agreements that add product depth and leverage our strong reputation in the external power supply market."
