Rockford Posts 2nd Qtr. Profit
By Amy Gilroy -- TWICE, 8/6/2007
TEMPE, ARIZ. — Rockford reported a small profit for the second quarter, ended June 30, and for the first six months of its fiscal year.
This marks the first time since 2003 that the car audio company was profitable for the first half, said president William Jackson, who attributed the results to Rockford Fosgate's 2007 product line.
Net income for the quarter was $1 million vs. 0.9 million for the year-ago quarter. Net income for the first six months was $103,000 compared with a net loss of $1.1 million for the period last year.
Net sales for the quarter decreased 15.6 percent to $26.7 million due primarily to a reduction in OEM sales as Nissan's newest Sentra is not currently including Rockford Fosgate car audio systems at the same rate as the prior generation.
