SL Industries Reports Second-Quarter Revenues
SL Industries Inc. (Mt. Laurel, NJ) announced that revenue for the second quarter ended June 30, 2000, increased 33 percent to $44,144,000, a new record for the period, from $33,151,000 for the second quarter of 1999, and $43,537,000 for the first quarter of 2000. Net income for the second quarter was $796,000, or $0.14 per diluted share. This compares to net income of $1,042,000, or $0.18 per diluted share, for the second quarter of 1999, and net income of $548,000, or $0.09 per diluted share, for the first quarter of 2000. Net income for the six-month period ended June 30, 2000, was $1,344,000, or $0.23 per diluted share, on net sales of $87,681,000. Net income included a $28,000 restructuring charge. This compares to net income of $2,566,000, or $0.44 per diluted share, on net sales of $63,218,000 for the same period last year.For the second quarter, ended June 30, 2000, operating profit decreased approximately three percent to $1,973,000 from $2,028,000 for the same period last year, however, President and CEO Owen Farren stated, "We are pleased with our overall strong revenue growth and the fact that bookings were greater than sales in the second quarter. The company has continued to win business on new programs in all of our major markets, medical, telecommunications, aerospace and industrial, and we anticipate this trend will continue. In summary, our strategy to achieve long-term growth by developing and acquiring exciting power technology solutions for our customers is working."