SL Industries, Inc. announced that its net income for the year ended December 31, 2007 was $8,411,000, or $1.43 per diluted share. Net income for the year included loss from discontinued operations, after tax, of $1,863,000, or $0.32 per diluted share.
Income for the year from continuing operations was $10,274,000, or $1.75 per diluted share. Discontinued operations include legacy costs associated with businesses divested by the company. 2007 results include the twelve-month results of MTE Corp., which was acquired on October 31, 2006. Net sales of MTE for the year were $20,029,000, with operating income of $2,859,000.
For the year ended December 31, 2006, net income was $3,553,000, or $0.61 per diluted share. The net income for 2006 included loss from discontinued operations after tax of $3,307,000, or $0.57 per diluted share. Income from continuing operations for 2006 was $6,860,000, or $1.18 per diluted share. Net sales from continuing operations for 2007 were $200,863,000, compared with net sales from continuing operations for 2006 of $176,773,000.
The company’s operating segments recorded improved results, as compared to 2006. SL Power Electronics Corp. recorded net sales of $91,072,000 with income from operations of $8,233,000, compared with net sales of $87,949,000 and income from operations of $6,316,000 for 2006. With the acquisition of MTE in October 2006, the High Power Group recorded net sales of $58,025,000, with income from operations of $7,810,000 compared with net sales of $39,993,000 and income from operations of $5,836,000 for 2006.
In 2007, SL Montevideo Technology recorded net sales of $28,256,000 with income from operations of $3,469,000, compared with net sales of $25,704,000 and income from operations of $1,555,000 for 2006. RFL Electronics recorded net sales of $23,510,000 with income from operations of $2,677,000, compared with net sales of $23,127,000 and income from operations of $2,217,000 for 2006.
For the three months ended December 31, 2007, net income was $1,775,000, or $0.30 per diluted share. Loss from discontinued operations for the period was $759,000, or $0.13 per diluted share. Income from continuing operations for the period was $2,534,000, or $0.42 per diluted share. Results for the fourth quarter 2007 include the three-month results of MTE. Net sales of MTE for the period were $4,876,000, with operating income of $705,000.
For the three months ended December 31, 2006, the company recorded a net loss of $1,148,000, or $0.20 per diluted share. Loss from discontinued operations for the period was $2,862,000, or $.49 per diluted share. Income from continuing operations for the period was $1,714,000, or $.29 per diluted share. The loss from discontinued operations in the fourth quarter 2006 consisted primarily of estimated environmental remediation liabilities of $2,480,000, net of tax.
Net sales from continuing operations for the three months ended December 31, 2007 were $49,154,000, compared with net sales from continuing operations of $49,209,000 for the same period last year.
