SCHAUMBURG, IL – Sparton reported fiscal first quarter net sales of $89.5 million, an increase of 8% year-over-year.

EBITDA was $5.3 million, up 218% year-over-year.           

For the quarter ended Sept. 30, operating income was $300,000, compared to a loss of $1.5 million in prior year fiscal first quarter.

"We are pleased to report we have started the fiscal year off with a strong operating performance, supported by organic growth in our MDS segment, a healthy backlog in both MDS and ECP segments and improved consolidated gross margins compared to the same quarter last year," said Joseph J. Hartnett, interim president and CEO.

“During the first quarter of fiscal year 2019, we adopted the new revenue recognition standard, ASC 606,” said Joseph G. McCormack, senior vice president and CFO. “As a result of the application of the new rules, our net sales were $1.5 million less, and our net income was $0.9 million less than what would have been recorded under the old rules.”

As of Sept. 30, the firm had a backlog of $156 million, compared to $131 million at the same time last year.

At the end of the quarter, Sparton had $43 million available under its $120 million credit facility that expires in September 2019.

 

Submit to FacebookSubmit to Google PlusSubmit to TwitterSubmit to LinkedInPrint Article