Emerson Radio reported strong results for its fiscal third quarter, attributing the rise in revenues to sales in its microwave oven, audio, DVD and office product categories.
For the three months to December 31, the company reported a net of $1.13 million, up from $310,000 for the same period last year, as sales, at $61.3 million, surged 94.1%. For nine months Emerson's net jumped 44.6% to $2.4 million on a 16.6% sales rise to $160.3 million.
Emerson said the quarterly revenue gains in its growth products were "partially offset by declines in home theater and video." CEO Geoffrey Jurick said, "We look forward to the final quarter of our fiscal year with confidence that we will continue the upward trend in revenues and in earnings growth."
Separately, Emerson's board authorized the repurchase of up to 5 million of its outstanding shares, which at current pricing, would call for an outlay of about $4 million.