SL Industries, Inc. (AMEX & PHLX:SLI) announced that revenue for the first quarter ended March 31, 2006 was $39,285,000, compared to $32,456,000 for the first quarter last year. Income from continuing operations was $1,233,000, or $0.21 per diluted share, compared to income from continuing operations of $1,969,000, or $0.35 per diluted share, for the same period in 2005.
First quarter results include the financial performance of Ault Incorporated ("Ault") from the date of acquisition (January 26, 2006). Not including Ault's results, consolidated net sales were $30,680,000, representing a 5% decline from the first quarter of 2005 and consolidated income from continuing operations was $1,048,000, representing a 47% decrease from the same period last year. Loss from discontinued operations was $112,000 for the first quarter of 2006, compared to a loss from discontinued operations of $70,000 for the same period last year. As a result, for the period ended March 31, 2006, the company recorded net income of $1,121,000, or $0.19 per diluted share, compared to net income of $1,899,000, or $0.34 per diluted share, for the same period last year.
Commenting on the results, James Taylor, President and Chief Executive Officer of SL Industries, said, "With the exception of Teal Electronics, the company's business segments were adversely affected by a four month decrease in order activity. Teal continued to experience strong demand from medical imaging equipment manufacturers, as well as from customers in the semiconductor industry." Taylor added, "I am pleased to report that the acquisition and integration of Ault into the SL Power Electronics Group has gone well and is ahead of schedule. In fact, in the first quarter, Ault reported its first operating profit in over four years."
