Lowrance loses $400,000 for 4th quarter

spectr17

Administrator
Admin
Joined
Mar 11, 2001
Messages
69,496
Reaction score
386
Lowrance loses $400,000 for 4th quarter

2001-10-24

The Oklahoman

Tulsa-based Lowrance Electronics Inc. announced Tuesday a net loss of $400,000, or 11 cents per share, for the fourth quarter of the fiscal year ended July 31. That compares with net income of $1.6 million, or 41 cents per share, for the same quarter a year earlier.
Net income for the fiscal year was $37,000, or 1 cent per share, compared with $2.47 million, or 66 cents per share, for fiscal 2000.

Lowrance Electronics designs and manufactures sonar products and orbital satellite receivers and mapping systems for use with the global positioning system. The products are used primarily for sport fishing, hunting, recreational boating and general aviation.

The company said it expanded sales distribution and introduced new global positioning satellite products to compensate for a significant decline in boat production and a weakening economy. As a result, sales rose slightly for the fiscal year to $73.4 million, compared with sales of $73.2 million last year. For the fourth quarter, sales increased to $18.3 million from $17.1 million in the same period last year.

The company is publicly traded on the Nasdaq stock market. The stock price fell 10 cents Tuesday at $2.60.
 


Top Bottom