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Fedders Sales Flat

3/28/2003 08:19:00 AM Eastern

LIBERTY CORNER, N.J. - Continued weak demand in the capital equipment market for commercial and industrial air filtration products translated to essentially flat sales for Fedders in its second fiscal quarter as well as first six months.

The global manufacturer of air treatment products - including air conditioners, air cleaners, dehumidifiers and humidifiers - reported sales of $71.5 million in the second quarter, ended Feb. 28, compared with $73.1 million in the year-ago period. The company reported a net loss of $3.2 million for the three months, compared to a loss of $2.7 million in the same quarter a year earlier.

Gross profit margin for the second quarter decreased 130 basis points, to 20.9 percent, down from an amended gross margin of 22.2 percent in the same period a year ago.

Operating income for the second quarter was $506,000, up from $218,000 year over year.

For the six months, Fedders' sales reached $110.7 million, down from $111.2 million in the same period a year earlier. Net loss for the six months was reduced to $10.8 million, down from a loss of $11.1 million in the same six months the previous year. Fedders reported an operating loss of $6 million for the six months, compared with $7.4 million year-on-year.

Fedders said it normally reports a loss in the first half of its fiscal year, due to the seasonality of its business.

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