Magnetek, Inc. reported the results of its fiscal 2008 second quarter ended December 30, 2007.
In its fiscal 2008 second quarter Magnetek recorded revenue of $29.0 million compared to $27.6 million in the second quarter of fiscal 2007. Second quarter gross profit amounted to $7.2 million (25% of sales) and reflects one-time expenses of $0.5 million related to initial deliveries of wind inverters. Prior year second quarter gross profit was $7.1 million (26% of sales) and includes the impact of $0.9 million in restructuring costs related to the relocation of the Company’s telecom power operations to Menomonee Falls, WI.
Operating costs, including research and development (R&D) and selling, general and administrative (SG&A) expense, amounted to $5.7 million in the current-year quarter, a significant decrease from $10.8 million in the prior-year period. Income from operations was $1.4 million in the second quarter of fiscal 2008 compared to a loss from operations of $3.7 million in the second quarter of fiscal 2007.
Income from continuing operations, net of taxes, in the second quarter of fiscal 2008 amounted to $1.4 million or $.05 per share compared to a loss from continuing operations of $4.6 million or a $.16 loss per share in the fiscal 2007 second quarter.
Income from discontinued operations was $1.2 million or $.04 per share in the second quarter of fiscal 2008, and reflects the impact of a settlement gain of $1.4 million with Federal-Mogul Corp. Loss from discontinued operations in the second quarter of fiscal 2007 was $1.6 million or a $.06 loss per share, due mainly to the operating results of the power electronics business prior to its divestiture in October 2006.
Including the results of discontinued operations, Magnetek reported net income of $2.6 million or $.08 per share on a diluted basis in the second quarter of fiscal 2008 compared to a net loss of $6.2 million or a $.21 loss per share in the second quarter of fiscal 2007.
