O'Sullivan Fiscal Q2 Sales Drop 6.2%
Lamar, Mo. - O'Sullivan Industries Holdings posted a 6.2 percent decrease in sales in its fiscal second quarter, down to $79.1 million, from $84.3 million in the same quarter in 2001. Operating income for the second quarter, ended Dec. 31, decreased 4.3 percent, to $8.1 million, down from $8.5 million in the year-ago period. Net loss in the second quarter was $1.1 million, compared with net income of $1.1 million in the same three months a year earlier. For the six months, sales dropped 9.5 percent, to $150.7 million, down from $166.5 million. Operating income for the six months was $16 million, an increase of 9 percent from the $14.8 million registered the first six months of 2001. Net loss for the six months hit $2.7 million, widening from a net loss of $300,000 recorded year over year. O'Sullivan expects gross sales to be about 15 percent lower in the third quarter than the same period a year ago. Operating income for this period is expected to decline about 20 percent to 30 percent year over year.
Strategic Vista Fiscal Q4 Sales Climb 47%
Toronto - Wired and wireless video security solutions maker Strategic Vista International posted a 47 percent increase in revenue in its fiscal first quarter, ended Dec. 31, to $8.9 million, from $6.1 million in the year-ago period. Net earnings increased to $410, 000, up from $141,000 in the first quarter of 2001. However, gross margin decreased 220 basis points, to 31.4 percent, down from 33.6 percent in the prior-year quarter, due to additional costs incurred in shipping certain products by air in order to meet customer requirements. The company distributes security surveillance equipment through mass-market retailers under the Sylvania and Lorex brands.
Boston Acoustics Fiscal Q3 Sales Slide 12%
Peabody, Mass. - Home entertainment audio solutions company Boston Acoustics said the impact of continuing economic difficulty and its effect on consumer spending did much to cause the company's 12 percent sales decrease in its fiscal third quarter. Sales dropped to $20.5 million for the period, down from $23.2 million in the year-ago third quarter. Net income for the third quarter, ended Dec. 29, decreased to $789,178, compared with $1.5 million year over year. For the nine months, net sales also slid 12 percent, reaching $57.2 million, down from $64.7 million in the same three months in 2001. Net income for the nine months decreased to $1.4 million, compared with $2.4 million year-on-year. The company expects retail market segment weakness to continue in the fourth quarter.
Imation Q4 Income Climbs
Oakdale, Minn. - Removable data-storage media maker Imation recorded a 6 percent sales increase in the fourth quarter for its Data Storage and Information Management segment, which accounts for about 95 percent of overall company business. Sales in the segment for the period ending Dec. 31 hit $256.9 million, up from $243.4 million a year ago. Operating income for the data storage segment reached $27.2 million, up from $16.6 million in the fourth quarter of 2001. For the 12 months, data storage sales were $1 billion, up about 15 percent from the $875.9 million reported in the previous year. For the fourth quarter, consolidated Imation results showed net income of $18.3 million, compared with a year-over-year loss of $26.6 million. Net revenue, however, dropped from $299.8 million in the last three months of 2001, to $270.9 million in the final quarter of 2002. For the 12 months, revenue dipped from $1.12 billion in 2001, to $1.07 billion in 2002. Imation claimed a revenue gain of $75.1 million last year, compared with a loss of $1.7 million in 2001. Gross margin for the fourth quarter climbed 250 basis points, to 31.6 percent, and 70 basis points, to 30.7 percent, for the 12 months. Data Storage revenue growth in 2003 is estimated to range between 5 percent and 10 percent, while gross margin is expected to be in the range of 30 percent to 32 percent.
SanDisk Q4 Revenue Nearly Doubles, Net Drops
Sunnyvale, Calif. - Total revenue at flash-memory data-storage products supplier SanDisk nearly doubled in the fourth quarter, hitting $179.8 million, compared with $91.9 million in the year-ago three months. However, the company reported net income of $19.6 million for the three months, ended Dec. 31, down from $25.6 million in the fourth quarter of 2001. For the 12 months, total revenue increased to $541.3 million, up from $366.3 million the previous year. SanDisk moved into the black for the 12 months, recording net income of $36.2 million, compared with a loss of $297.9 million in the same period in 2001. The company said the outlook for 2003 was encouraging despite an anticipated seasonal decline in first quarter sales, compared with the traditionally strong fourth quarter. In addition to growing markets for its memory cards, used in digital cameras and other digital CE products, SanDisk said it continues to see future strength for 2003, which it believes will give it increased penetration into new markets, such as cellphones and embedded flash components.
Lexmark Q4 Revenue Rises 6%
Lexington, Ky. - Fourth quarter revenue at printing solutions supplier Lexmark increased 6 percent, hitting $1.2 billion, up from $1.1 billion in the year-ago period. Laser and inkjet supplies revenue jumped 23 percent in the three months, to $654 million, compared with $530 million in the same quarter in 2001, and now represents 54 percent of total revenue, up from 46 percent in the prior-year quarter. Laser and inkjet printer revenue was $456 million in the fourth quarter, ended Dec. 31, down 6 percent from the $487 million reported in the same three months a year earlier. The increase of supplies in the product mix pushed up fourth quarter margin 730 basis points, to 31.8 percent. Net profit in the three months reached $116.3 million, compared with $36.8 million year over year. In the first quarter of 2003, Lexmark anticipates a year-over-year revenue growth rate in the low- to mid-single digits. For the 12 months, sales increased 6 percent, to $4.4 billion, up from $4.1 billion in 2001. Net earnings climbed to $366.7 million, up from $273.6 million in the same quarter the previous year.
Kodak Q4 Sales Rise 2%
Rochester, N.Y. - Faced with another round of job cuts - this time 1,800 to 2,200 positions, or about 3 percent of its global workforce - Eastman Kodak reported a 2 percent increase in fourth quarter sales, to $3.44 billion, from $3.36 billion in the year-ago period. Last year, Kodak eliminated 7,000 jobs. The company's photography segment saw U.S. sales drop 4 percent in the fourth quarter, to $1.10 billion, down from $1.15 billion year over year. In the three months, Kodak moved into the black, reporting net income of $113 million, compared with a loss of $206 million in the same quarter in 2001. Operational income in the photography segment climbed to $174 million in the three months, up from $60 million in the same quarter last year. For the 12 months, Kodak sales dipped 3 percent, to $12.8 billion, down from $13.2 billion in 2001. Net earnings for the 12 months totaled $770 million, compared with $76 million the previous year. Sales in the photography segment dropped 10 percent in the United States in 2002, down to $4 billion, compared with $4.5 billion in 2001. Segment operating profit dipped to $771 million for the 12 months, down from $787 million the prior year. The company expects overall revenue to increase slightly in 2003, with first quarter operating earnings about in line with the first quarter of 2002.
Logitech Q3 Sales Increase 18%, Net Climbs 22%
Fremont, Calif. - Personal interface products maker Logitech enjoyed an 18 percent increase in revenue in its fiscal third quarter, hitting $351.8 million, up from $299.1 million in the year-ago period. Net income jumped 22 percent, reaching $40.4 million, compared with $33.2 million the same three months in 2001. Gross margin, however, dropped 140 basis points in the third quarter, ending Dec. 31, to 33.3 percent, from 34.7 year over year. Quarterly highlights include: 23 percent rise in overall unit sales of Logitech-brand products, doubling of revenue from products for gaming console systems and a 142 percent increase in revenue from sales of Logitech-brand speakers. For the nine months, sales rose to $798.6 million, from $687.6 million in the same period a year ago, while net income increased to $72.2 million, from $53.4 million. For the current quarter, ending March 31, Logitech expects revenue to range between $285 million and $290 million, exceeding the $1.07 billion goal for fiscal 2003 It expects a 10 percent revenue rise in fiscal 2004, compared with the current year.