SL Industries Inc. announced that its net sales from continuing operations for quarter ended March 31, 2011, were $52.6 million, up 25% compared with net sales from continuing operations for the first quarter 2010 of $42.1 million.
Net income from continuing operations for the quarter ended March 31, 2011 was $3.6 million, or $0.79 per diluted share, a 182% increase over net income from continuing operations of $1.3 million, or $0.21 per diluted share, for the first quarter 2010.
Net income for the quarter was $3.4 million, or $0.75 per diluted share, compared to net income of $1.1 million, or $0.18 per diluted share, for the first quarter 2010. Net income for the quarter included a loss from discontinued operations, after tax, of $0.2 million, or $0.04 per diluted share, compared to a net loss of $0.2 million, or $0.02 per diluted share, for the first quarter 2010.
The company reported net new orders of $57.9 million for the first quarter of 2011, compared to net new orders of $55.0 million in the first quarter of 2010. Backlog at March 31, 2011 was $75.3 million, as compared to $67.3 million a year earlier.
For the quarter ended March 31, 2011, SL Power Electronics Corp. (SLPE)’s income from operations was $2,315,000, up 183% from the first quarter 2010. Sales for the quarter were $21,725,000, up 33% over the first quarter 2010. The sales increase was primarily due to increases in SLPE’s medical and industrial product lines which increased by 50% and 40%, respectively.
In the High Power Group (HPG), which includes Teal Electronics Corp. and MTE Corp., for the quarter ended March 31, 2011, HPG’s income from operations was $2,105,000, up 90% from the first quarter 2010. Sales for the quarter were $16,735,000, up 28% over the first quarter 2010. The most significant increase in sales with this group was recorded by MTE which had a sales increase of 53% and an increase in income from operations of 265%. The sales and income from operations were records for quarterly results at MTE.
