Tuesday June 16, 8:50 am Eastern Time
Lowrance sees improved profit for Q4
TULSA, Okla., June 16 (Reuters) - Lowrance Electronics Inc., which reported lower net income for the third quarter ended
April 30, said on Tuesday that it expects improved profits for the fourth quarter and profits for the fiscal year, helped by the
introduction of new products.
''With the incremental sales of these new products, increased efficiency from our Mexico production facility and continued
cost savings from the company's austerity program, we currently anticipate improved fourth quarter profitability and
profitability for the full fiscal year,'' President and Chief Executive Officer Darrell Lowrance said in a statement.
In last year's fourth quarter ended July 31, the company reported a loss of $2.78 million, or $0.83 a share.
The company said its third quarter results were hurt by increased competition for its lower priced global positioning system
products, severe spring weather in the Southeast, early closure of the salmon fishing season in the Pacific Northwest and the
delay of new products.
''In the current fourth quarter we have begun delivery of four of our eight new GPS mapping products scheduled for shipment
during the quarter,'' Lowrance said. ''These products carry retail prices between $350 and $700 and have above average
gross margin.''
Lowrance also said the company has retained Fleet Corporate Finance to raise $10 million of additional financing to help fund
the company's growth opportunities in global positioning and international sales.
Lowrance Electronics designs and manufactures sonar products and orbital satellite receivers, plotters and mapping systems
for the fishing, hunting, aviation and boating industries.
More Quotes and News:
Lowrance Electronics Inc (Nasdaq:LEIX - news)
Related News Categories: US Market News
|
