Ault Inc. (Minneapolis, MN) reported results for its first quarter fiscal 2004 ended August 31, 2003. For the fiscal quarter, net sales were $10.8 million, equal to $10.8 million reported for the first quarter of fiscal 2003. Company officials noted the strength of Asia Pacific markets offset continuing sluggish activity in the North American and European markets.
For the first quarter of fiscal 2004, the company recorded a net loss applicable to common stock of $960,000, or $0.21 per diluted share, compared to a net loss applicable to common stock of $521,000, or $0.11 per diluted share, for the same period last fiscal year. The fiscal 2004 loss included $350,000 as a result of a significant decline in the percentage of the company's non-Asian sales compared to the same period one year ago.
Ault expects that as the North American and European economies rebound, the higher percentage of sales will revert back to thenon-Asian markets. There was also a $98,000 loss for fiscal 2004 relating to the cost of closing Ault's Minneapolis manufacturing operations. Ault expects to incur additional manufacturing consolidation costs during the second quarter in the range of $300,000.
