Sparton Reports Q2 Net Income Down 56% YoY
SCHAUMBURG, IL – Sparton Corp. today reported second-quarter fiscal 2011 net sales of $46.3 million, down 1.9% year-over-year.
Net income was $1.4 million, down 56.3% compared to the second quarter of fiscal 2010. Gross profit was $7.5 million, down 7.2% year-over-year.
EMS sales for the second quarter decreased approximately $3.8 million, compared with the same quarter last year. The company attributes this decrease primarily to certain program losses and customer design change delays.
The gross profit percentage on EMS sales increased to 7%, compared to 5% for the same quarter the previous year.
For the first six months of fiscal 2011, the firm’s net sales were $92.1 million, a drop of 3.4% compared to the same period in 2010. Net income was $5.5 million, up 18.5% year-over-year. Gross profit for the first six months was $14.6 million, down 6% year-over-year.
“Sales and margin contribution from our newly acquired Colorado medical facility, along with strong margins from our DSS business unit helped to carry our consolidated results, as we continue to work through softening sales within both our EMS business and our Ohio medical facility,” said Sparton president and CEO Cary Wood.
