FAIRVIEW, Pa., Jan. 11 /PRNewswire-FirstCall/ -- Spectrum Control, Inc. (Nasdaq: SPEC), a leading designer and manufacturer of custom electronic products and systems, today reported results for the fourth quarter and fiscal year ended November 30, 2009.
For the fourth quarter of fiscal 2009, the Company reported net income of $2.1 million or 17 cents per share on sales of $34.1 million, compared to net income of $2.5 million or 20 cents per share on sales of $33.8 million for the same period last year.
For the fiscal year 2009, the Company had net income of $8.6 million or 67 cents per diluted share on sales of $132.3 million. In fiscal year 2008, the Company had net income of $8.9 million or 67 cents per diluted share on sales of $130.7 million.
Dick Southworth, the Company's President and Chief Executive Officer, commented, "We are very pleased to report fourth quarter financial results that are consistent with our previous guidance, with current quarter revenues up $2.6 million or 8% and pretax profits up 13% from the third quarter of this year. Our military and defense business continues to grow, generating $20.5 million or 60% of our overall revenues during the fourth quarter, an increase of $3.4 million or 20% from the same period a year ago. We firmly believe that we are well-positioned for significant growth and enhanced shareholder value, as applications for our products in military and defense remain strong and the commercial markets begin to rebound."
On November 30, 2009, we acquired substantially all of the assets and assumed certain liabilities of Micro Networks Corporation ("Micro Networks"), a subsidiary of Integrated Device Technology, Inc. ( IDTI). Micro Networks, with operations in
|SOURCE Spectrum Control, Inc.|
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