IEIB has some smokin' numbers>
Net sales for the three months ended February 28, 2002 were $3,214,792, a 24 percent increase from $2,597,690 for the same prior year period. Gross profit for the second quarter of fiscal 2002 was $1,475,419, or 46 percent of net sales compared with $1,133,251 or 44 percent of net sales for the comparable quarter of fiscal 2001. Income before taxes for the second quarter of fiscal 2002 was $265,953 versus $22,315 for the comparable 2001 period. Net income for the second quarter of fiscal 2002 was $242,953, or $0.15 per diluted share compared with net income of $47,015, or $0.03 per diluted share, for the second quarter of 2001.
Net sales for the six-month period ended February 28, 2002 were $5,860,551, an increase of 10 percent from $5,337,142 for the same period of fiscal 2001. Gross profit for the first half of fiscal 2002 was $2,693,263, producing a margin of 46 percent of net sales, in comparison with the gross profit during the first half of 2001 of $2,400,910, which had a slightly lower margin of 45 percent of net sales. Income before taxes for the first six months of fiscal 2002 was $336,002, compared with $28,219 for the prior year's first half. Net income for the first six months of fiscal 2002 was $304,002, or $0.18 per diluted share, compared with $33,219, or $0.02 per diluted share, for the same fiscal 2001 period.
John Waldstein, Company President, commented, ``We are obviously pleased with our record sales results for the past quarter with each of our product lines contributing to our success. IEI continues to address new and expanding opportunities in our market segment through the development of innovative products such as our battery operated Door-Gard(TM) LS-1 Lockset introduced in January 2002. At the recent ISC trade show, held the first week in March, we introduced version 2.0 of our HubMan(TM) Professional Access Control Software for our Secured Series(TM) Access Control product line. We expect both of these new introductions to be well received. The second quarter also reflects initial shipments of a $550,000 order from Travel Centers of America, the largest travel center network in the United States, although we anticipate shipping the majority of the order in our upcoming third quarter.
``The electronic access control market segment is expected to be one of the faster growing segments in the security industry for the next several years. We continue to believe that our well earned reputation in the industry for customer service and quality of product will enable IEI to play an increasing role in this growth market segment.'' |
