Boston Acoustics, Polk Report Higher Fiscal-Year Profits
By TWICE staff -- TWICE, 6/7/1999
The industry's two publicly traded speaker manufacturing specialty companies, Boston Acoustics and Polk Audio, each reported lower fiscal fourth-quarter earnings but higher profits for the year.
Boston Acoustics said its net slipped 4.4% to $2.73 million for the three months to March 27, while sales, at $32.8 million, rose 33.1%. For the year the company's earnings rose 17.6% to $11.3 million on a 43.2% revenue hike to just under $118 million.
Polk Audio's net for the quarter to March 28 dropped 57.6% to $560,100 as sales fell 33.7% to $17.1 million. For the year, Polk's profit jumped 137.5% to $2.63 million as sales increased 32.6% to $71.8 million.
This may well be Polk's last public earnings disclosure as the company plans to make a tender offer for all outstanding shares and take itself private.
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