Jaco Electronics Inc. (Hauppauge, NY), a distributor of electronic components to original equipment manufacturers, reported results for its fiscal 2004 first quarter ended September 30, 2003. Net sales for the fiscal first quarter ended September 30, 2003, increased 47% to $72,269,000 compared with $49,044,000 for the quarter ended September 30, 2002.
Jaco had a net loss for the fiscal 2004 first quarter of $424,000, or $0.07 per diluted share, compared with a net loss of $987,000, or $0.17 per diluted share, during the same period last year. Per-share results are based on a weighted average number of diluted shares outstanding of 5,792,000 and 5,807,000 for the first quarters of fiscal 2004 and fiscal 2003, respectively.
Jaco Chairman and Chief Executive Officer Joel Girsky said, "The first quarter was a transitional period for Jaco, marking the first complete quarter of sales from the acquisition of certain assets of the electronics distribution operations of Reptron Distribution. With 'same store' sales growth in Jaco's core operations and the contribution from the Reptron transaction, net sales increased 47% in the quarter compared to last year and gross profit rose 45%. Additionally, on a sequential basis, net sales for the quarter increased over 30% from the fiscal 2003 fourth quarter."
