SL Industries (Mt. Laurel, NJ) announced that revenue from the first quarter, ended March 31, 2001, remained level at $43,727,000, compared to $43,537,000 for the first quarter of last year. Net income was $479,0000, or $0.08 per diluted share, compared to net income of $548,000, or $0.09 per diluted share, for the same period in 2000. Net income for the period ended March 31, 2000 included a $24,000 restructuring charge, net of taxes.
The company reported net new orders of $39,614,000 in the first quarter of 2001, compared to net new orders of $46,253,999 in the first quarter of 2000. Based on these results, at the end of the first quarter of 2001, the company was not in compliance with certain financial covenants in its credit facility. The company and its lenders are currently in discussions regarding the grant of a waiver of the covenants to the credit facility.
Commenting on these results, Owen Farren, president and CEO of SL Industries, said, “SL operates in many markets and with a broad power solution portfolio. We continue to see strong business with respect to the medical, aerospace, utility and other industrial markets. Our strength in these businesses has helped to offset the significant weakness in the telecom and semiconductor markets."
