Fedders Q3 Sales Up 11 Percent
By TWICE Staff -- TWICE, 6/22/2000
LIBERTY CORNER, N.J. -- Acquisitions at air-conditioner manufacturer Fedders Corp. boosted fiscal third-quarter sales 11 percent to a record $195.2 million, compared to $175.6 million for the same three months last year.
Net income for the third quarter, however, dropped 60 percent to $16.9 million, compared to $18.1 million in the third quarter of 1999. The decrease, according to the company, resulted from year-to-year variations in product mix during the quarter and higher interest expense.
For the fiscal nine months, Fedders reported sales of $310.2 million, a 19 percent jump over the $260.2 million garnered in the same period last year.
Net income for the nine months was flat, with the company doing $16.1 million in fiscal 2000, compared to $16 million the prior year.
Operating income, however, climbed 23 percent for the nine-month period to $38 million, compared to $30.9 million in the same nine months last year.
Fedders acquired Trion and Envirco in August of 1999 and Koppel and Sun Air Conditioning during the second quarter of fiscal 1999.
Fedders has repurchased about 1 million shares of its common stock during fiscal 2000, at a cost of about $4.9 million, reducing total shares outstanding to about 35 million.
The company, which also sells air cleaners, dehumidifiers, humidifiers and thermal technology products, said sales in the upcoming fiscal fourth quarter primarily would depend on weather conditions in major U.S. markets.
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