Digital Power Reports Financial Results for the First Quarter 2012
Digital Power Corp. announced its financial results for the first quarter ended March 31, 2012.
Digital Power’s revenues for the first quarter ended March 31, 2012 were $2,240,000, a decrease of 33% from revenue of $2,978,000 for the same quarter ended March 31, 2011. Net income for the quarter ended on March 31, 2012 was $75,000 a decrease of 126% from the profit of $170,000 in the quarter ended on March 31, 2011.
Gross margin in the first quarter ended March 31, 2012 was 41%, an increase from 37% reported in March 31, 2011. Lastly, operating income for the first quarter ended March 31, 2012 was $116,000, a decrease of 69% for the same quarter ended March 31, 2011.
Commenting on the results, President and CEO, Amos Kohn, stated: "Although we experienced a reduction in our results for the first quarter, domestic revenues remains fairly strong. Our European operations experienced a disappointment in the slowdown of shipments primarily due to the credit crisis in the Euro-zone and the accompanying economic environment. We generated revenues primarily from the sale of modified standard products for broadband applications and customized product solutions for streaming media and medical applications. We also developed and launched a power rectifier system to international naval fleets. These programs continue to add diversity to our product mix and customer base. We continue executing our strategy of developing full custom power solutions and simultaneously enhancing our standard product offering with innovative, high density switchers at ever increasing power levels. This focus on solution driven applications are well received by our major vertical markets including telecom, medical, military and the industrial segments. "