Magnetek, Inc. reported the results of its fiscal 2008 first quarter ended September 30, 2007. In the fiscal 2008 first quarter the company recorded revenue of $26.1 million compared to $26.0 million in the first quarter of fiscal 2007. First quarter gross profit amounted to $7.3 million (28% of sales) versus $7.4 million (29% of sales) in the same period a year ago.
Operating costs, including research and development (R&D) and selling, general and administrative (SG&A) expense, amounted to $6.4 million in the current-year quarter, down from $8.6 million in the prior-year period. The company had net interest income of $213,000 in the current-year quarter versus net interest expense of $788,000 in the first quarter of fiscal 2007.
Resulting income from continuing operations, net of taxes, in the first quarter of fiscal 2008 amounted to $0.8 million or $.03 per share against a loss from continuing operations of $2.3 million or $.08 per share in the fiscal 2007 first quarter.
Including the results of discontinued operations, all of which have been divested, Magnetek reported net income of $0.5 million or $.02 per share in the first quarter of fiscal 2008 compared to a net loss of $3.2 million or $.11 per share in the first quarter of fiscal 2007.
