Winland Has Record June Quarter
MANKATO, MN -- Winland Electronics, a designer and manufacturer of electronic control products and systems, reported second-quarter revenues of $7.1 million, a record. Net income rose more than 600%, to $566,539, over last year.
Sales for the quarter ended June 30 were up 22% over last year, driven primarily from new product line items and improved sales of proprietary products.
Gross profit for the quarter was $1.9 million, up 90% ovfer last year and up 10.6% sequentially.
Gross profit as a percentage of net sales increased from 17% in the second quarter last year to 26.4% this year.
Total operating expenses increased 15.9% to $963,985 but were down 9.9% sequentially. Operating income was up almost five-fold to $914,900, and up 45.4% over the first quarter.
Lorin Krueger, chief executive, said, "[T]hus far our blend of contract services, proprietary products and cost management have enabled us to hold margins even in a competitive environment."
This year Winland has added six new customers and 41 new product introductions in its EMS business
The company had $1.6 million in cash at quarter's end.
Winland performs EMS services and also has its own line of environmental sensors.
