SCHAUMBURG, IL – Sparton Corp. reported fiscal second quarter consolidated net sales of $97.8 million, up 0.43% year-over-year and 18.2% sequentially.
For the period ended Dec. 31, EBITDA was $7.2 million, compared to $337,000 for the same period the prior year, an increase of 84% sequentially.
Operating income for the quarter was $3.8 million, compared to $221,000 in the fiscal second quarter of 2017. The firm recorded an operating loss of $3,112,000 in the fiscal first quarter of 2018.
“The operational improvements we have made over the past two years continue to drive our performance through some very challenging times,” said Joseph J. Hartnett, interim president and CEO. “Thanks to the collective effort of the entire organization, we were able to achieve significant improvements over our first quarter’s results in many important areas, including sales, margins, cash flows, new program wins and borrowings under our credit facility."
“During the second quarter of fiscal year 2018, the company recorded an additional income tax expense of $10.8 million as a result of the newly enacted Tax Cuts and Jobs Act of 2017, which was principally related to a write-down of the company’s net deferred tax assets as a result of the reduction in the statutory income tax rate,” said Joseph G. McCormack, senior vice president and CFO.