HEI reports net loss for Q3 2012 year over year
Nov 16, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --HEI Inc HEII reported on Thursday for the third quarter of fiscal year 2012 ended 29 September 2012 a net loss of USD503,000 or USD0.05 loss per diluted share, compared to a net income of USD162,000 or USD0.02 per diluted share for the same period in 2011.
Net loss for the third quarter included an increase to our reserve for inventory obsolescence of USD380,000, which had no cash impact during the quarter.
The company's third quarter sales were USD9.9m, up 7.2% compared to the sales of USD9.2m in the same period of 2011.
This was a result of increases in HEI's Victoria operation which was partially offset by decreased sales in the other two operating divisions. Gross margins were down on a consolidated basis with Victoria gross margins improving due to improved efficiencies related to the increased sales volumes while the other two operating divisions' gross margins declined as a result of product mix changes and the lower sales levels as compared to the prior year.
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