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Directed Reports Lower Sales, Income

5/09/2008 01:39:00 PM Eastern

Vista, Calif. — Directed Electronics announced a 7 percent decline in net security and entertainment product sales for the first quarter, citing a challenging consumer environment.

Directed’s pro forma sales were $75.4 million for the quarter ending March 31, compared with $77.9 million for the period last year. Net income declined to a loss of $1.6 million compared with positive income of $1.2 million for the period last year.

The company said its Definitive Technology product sales increased by double digits, partially offsetting lower security and Polk home audio sales “to a major retailer,” resulting in total security and entertainment pro forma product sales declining to $57 million from $61.2 million, said the company. Satellite radio pro forma sales increased 14 percent, with net sales reaching $17.6 million, up from $15.4 million compared with the year ago period.

Operating expenses decreased by approximately $3.8 million, or 13 percent, to $25.2 million.

Directed recently extended its agreement to distribute Sirius product to Jan. 31, 2009.