Magnetek Inc. (Chatsworth, CA), a leading manufacturer of power conditioners for commercial fuel cells, reported its results for the second quarter and first half of fiscal 2004, ended December 31, 2003. Revenue for the quarter was up 13 percent to $58.1 from $51.3 million in the second quarter of fiscal 2003, and up 15 percent from $50.4 million in the first quarter of fiscal 2004. First-half revenue in fiscal 2004 amounted to $108.5 million against $94.1 million in the prior-year first half, a 15-percent increase.
In the fiscal 2004 second quarter, the company reported a net loss of $0.15 per share, including $0.08 related to an increase in accounts receivable reserves and factory moving costs. This compares with a loss of $1.70 in last-year's second quarter, which included inventory and long-term asset impairment charges equivalent to $1.64 per share. The loss in the first half of fiscal 2004 was $0.30 per share against a loss of $1.03 per share in fiscal 2003.
