Magnetek Inc. (Chatsworth, CA), a leading manufacturer of power conditioners for commercial fuel cells, reported its audited results for the fourth quarter and fiscal year ended June 30, 2004. Fourth-quarter revenue reached a three-year high of $69.5 million, an increase of 28% over the fourth quarter of fiscal 2003, and up 7% sequentially from the third quarter of fiscal 2004.
Gross profit amounted to $17.1 million (24.7% of sales) in the quarter, compared to $10.6 million (19.5% of sales) in the fourth quarter of fiscal 2003, and up sequentially from $15.6 million (24% of sales) in the third quarter of fiscal 2004. Operating income amounted to $1.7 million in the quarter against a loss of $3.4 million in the fourth quarter of fiscal 2003, and a profit of $0.7 million in the third quarter of fiscal 2004.
Due to a non-cash income tax expense of $5.1 million recorded to fully reserve US net deferred tax assets, the company posted a net loss of $3.9 million, or $0.14 per share, in the fourth quarter. Excluding this non-cash item, net income amounted to $1.2 million, or $0.04 per share, in the fourth quarter of fiscal 2004, versus a loss of $5 million, or $0.21 per share, in the fourth quarter a year earlier and net income of $0.2 million, or $0.01 per share, in the third quarter of fiscal 2004. The company generated over $1 million in free cash during the 2004 fourth quarter.
