SCHAUMBURG, Ill. — Sparton Corporation (NYSE: SPA) today announced results for the second quarter of fiscal 2011 ended December 31, 2010. The Company reported second quarter operating income of $1.6 million and net income of $1.4 million, or $0.14 per share, versus operating income of $1.5 million and net income of $3.2 million, or $0.33 per share, for the second quarter of fiscal 2010.
Highlights for the fiscal 2011 second quarter are summarized below:
• Net income of $1.4 million, or $0.14 per share, Sparton’s sixth consecutive profitable quarter.
• Net sales of $11.4 million and net income of $1.2 million resulting from the acquired Colorado medical business.
• Announced $4.5 million agreement to sell idle facility in Albuquerque, New Mexico, subject to closing.
Sparton President and CEO Cary Wood commented, “Sales and margin contribution from our newly acquired Colorado medical facility along with strong margins from our DSS business unit helped to carry our consolidated results as we continue to work through softening sales within both our EMS business and our Ohio medical facility. We are pleased with the operational progress we have made at our Colorado facility since its acquisition from Delphi Medical Systems in August of this fiscal year. This strategic addition to our Medical business has provided a solid contribution to sales and became accretive to earnings in the second quarter of fiscal 2011, a quarter ahead of our initial expectations.”