- Net Income for the Fourth Quarter was $ 0.28 per share
- Revenues Down Slightly For the Year
- Backlog Up at Year End
LANCASTER, Pa., Oct. 11 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today reported its financial results for the fourth quarter and fiscal year ended July 29, 2007.
Net income during the fourth quarter of 2007 was $3.8 million or $.28 per share, as compared to $713,000 or $.05 per share in the fourth quarter of 2006.
Net sales for the fourth quarter ended July 29, 2007 were $40.6 million, down 5.1% when compared to $42.8 million for the fourth quarter of fiscal year 2006.
Net sales for the fifty-two weeks ended July 29, 2007 were approximately $163.1 million compared to $176.3 million for fiscal 2006, a decrease of $13.2 million or 7.5%.
Net income for the fifty-two weeks ended July 29, 2007 was approximately $3.1 million compared to $10.3 million in for fiscal year 2006.
Myron Levy, Herley's Chairman and CEO, said, "This has been a tough
year. Our first quarter saw the departure of our founder and Chairman. In
addition, the Company was suspended for almost the entire first quarter.
The suspension permitted us to continue shipping from our backlog, but made
it difficult to book new business. As we were recovering after the
suspension was lifted, and getting our operations back on track, we were
hit with a second suspension of about six weeks, or almost half of the
fourth quarter. It is difficult to focus our energies on the Company's
profitability in these times. Much of the efforts of our management team,
much of my efforts and those of our board of directors, were focused on
|SOURCE Herley Industries, Inc.|
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