Magnetek Announces 2002 Third-Quarter Results

April 23, 2002 by Jeff Shepard

Magnetek Inc. (Nashville, TN) reported earnings of $0.01 and $0.08 per diluted share, respectively, for the third quarter and first nine months of its 2002 fiscal year, ended March 31, 2002. In the same periods of fiscal 2001, the company earned $0.10 and $0.39 per diluted share, respectively.

Results of operations divested during fiscal 2001 reduced last year's third-quarter earnings by $0.04 per diluted share, and increased last year's nine-month earnings by $0.11 per diluted share. The nine-month revenue declined 38 percent to $144.0 million from $232.7 million in fiscal 2001. On a pro-forma basis, nine-month revenue declined 23.1 percent. Net income in the first nine months of fiscal 2002 was $1.8 million, compared to $8.9 million in the same period a year ago.