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Fedders Q3 Sales Up 13.8%

Liberty Corner, N.J. – Pre-season demand for air conditioners, in the United
States and globally, helped boost Fedders’ fiscal third quarter sales 13.8
percent in its HVACR segment to $194.2 million, up from $170.7 million in
the year-ago period.

Net income for the air conditioners maker in the third quarter, ended May 31, climbed about 15 percent, reaching $15.9 million, compared with $13.6 million in the same three months a year earlier.

Fedders saw gross profit margin slide 80 basis points in the third quarter, down to 23.2 percent, from 24 percent year-on-year. Operating income for the three months, however, increased to $27.7 million, up from $24.4 million in the third quarter in 2002.

For the nine months, Fedders recorded sales of $304.8 million, an 8.1 percent jump over the $281.9 million reported a year ago. Net income for the first nine months more than doubled, reaching $5.1 million, compared with the $2.5 million registered in the same period the previous year.

Gross profit margin for the nine months dipped, to 22.3 percent, 60 basis points below the 22.9 percent for the same period in 2002. Operating income for the nine months hit $21.2 million, compared with $17.1 million a year earlier.

The company reported that sales in its Engineered Products segment continued to be adversely affected by week demand in the capital equipment market for commercial and industrial air filtration products.