Ault Reports Second-Quarter Results for 2001
Ault Inc. (Minneapolis, MN) reported net sales of $26.3 million for the second quarter of fiscal 2001 ended November 26, 2000, an increase of 83 percent from $14.4 million for the second quarter of fiscal 2000 ended November 28, 1999. The second-quarter increase followed year-over-year sales growth of 60 percent in this year's first quarter, and was an increase of 21 percent over the record net sales for the first quarter. Net income for the second quarter of fiscal 2001 increased 165 percent to $823,000, or $0.17 per diluted share, compared with $311,000, or $0.07 per diluted share, for the same period last year.
For the first half of fiscal 2001, net sales increased 72 percent to $47.9 million, from $27.9 million in fiscal year 2000. Net income for the first half of fiscal 2001 increased by 182 percent to $1,474,000, or $0.31 per diluted share, compared with $523,000, or $0.11 per diluted share, a year ago.
Gross margin for the second quarter improved to 22.2 percent as a percent of sales, compared with 21.8 percent for the first quarter this year. The second-quarter gross margin last year was 25.7 percent. As a percentage of sales, operating expenses declined to 16.9 percent in the second quarter of fiscal 2001, down from 22.4 percent in the second quarter of fiscal 2000.
President and CEO Frederick M. Green commented, "Sales for the second quarter of fiscal 2001 were again the highest for any three-month period in Ault's history. We are looking forward to continued strong earnings and sales growth during the rest of fiscal 2001."
The third quarter of fiscal 2001, ending February 25, is expected to be another strong period, marked by significant year-over-year increases in sales and earnings. Based on customer indications and order patterns, the demand for power supplies by OEMs of broadband modems is expected to remain strong. During the coming year, the company also expects growing contributions from a range of other technology-related applications, including battery chargers for personal digital appliances and power supplies for flat panel displays, wireless systems and medical devices.