Liberty Corner, N.J. – Fiscal third quarter sales at air conditioner maker Fedders dropped by about 10 percent, reaching $170.7 million for the period, down from $189.4 million in the year-ago three months.
The global manufacturer of air treatment products, reported a 54 percent increase in operating income in the third quarter, ended May 31, up to $23.4 million, compared with $15.2 million in the same quarter in 2001. Fedders said the improvement in earnings is the result of the restructuring begun about a year ago.
Net income improved 88 percent, hitting $12.9 million in the third quarter, up from $6.9 million in the same three months last year.
Adjusted Earnings Before Income Taxes, Depreciation and Amortization (EBITDA) reached $27.5 million in the third quarter, compared with $19 million year over year.
Sales for the nine months dropped about 10.5 percent, to $281.9 million, compared with $315 million in the prior-year period.
Despite the lower sales, net income improved to $3,7 million, compared with a loss of $862,000 in the same period in 2001.
Operating income climbed to $18.8 million in the nine months, up from $12.8 million year over year.
Adjusted EBITDA was $30 million for the nine months, compared with $24.3 million in the 2001 period.