Ault Reports First-Quarter, Fiscal-Year 2003 ResultsSeptember 24, 2002 by Jeff Shepard
Ault Inc. (Minneapolis) reported net sales of $10.8 million for the first quarter of fiscal 2003 ended September 1, 2002, up from $10.3 million for the first quarter of fiscal 2002 ended September 2, 2001. The net loss applicable to common stock for the first quarter of fiscal 2003 narrowed to $521,000, or $0.11 per diluted share, compared with a loss of $646,000, or $0.14 per diluted share for the same period last year.
Ault President and CEO Frederick Green commented, "Despite the challenging industry and current economic conditions, Ault has taken the steps necessary to enhance its position as an industry leader. As part of our ongoing strategy, we have also identified opportunities within our industry and acted upon them. The early first-quarter acquisition of Power General is a good example of this strategy. As a result, we continue to be well positioned for the eventual industry and economic turnaround."