This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Magnetek Announces Fourth Quarter And Fiscal 2010 Results

Magnetek, Inc. (“Magnetek” or “the Company”, NYSE: MAG) today reported the results of its 2010 fiscal year and fourth quarter ended June 27, 2010.

Fourth Quarter Results

In its fourth quarter of fiscal 2010 Magnetek recorded revenue of $24.3 million, a 22% increase from the fourth quarter of fiscal 2009 and a 27% sequential increase from the third quarter of fiscal 2010. The increase in sales from the prior year quarter reflects accelerating sales growth in the Company’s renewable energy product line, partially offset by lower sales of material handling and mining products. Based on the increased sales volume, the Company’s continuing operations were profitable in the fourth quarter of fiscal 2010.

“We’re very encouraged by both our incoming order rate and our sales growth in the fourth quarter, and are pleased to report that our continuing operations returned to profitability. Each of our primary served markets experienced a sequential increase in sales over third quarter levels. Sales of wind inverters for renewable energy applications grew to nearly $6 million in the fourth quarter and comprised nearly 25% of total company revenue. We continue to believe renewable energy markets present our greatest near-term growth opportunities, as evidenced by our growth rate in the fourth quarter,” said Peter McCormick, Magnetek’s president and chief executive officer.

Gross profit amounted to $7.2 million (29% of sales) in the fourth quarter of fiscal 2010 versus $6.7 million (34% of sales) in the same period a year ago. The increase in gross profit was mainly due to higher sales volume of wind power inverters. The decrease in gross margin as a percentage of sales from the prior year was due to a less favorable sales mix, with lower sales of products for material handling and mining applications. Gross profit in the third quarter of fiscal 2010 was $5.5 million, or 28% of sales.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
MAG $50.06 0.16%
AAPL $93.98 0.36%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $238.50 -1.40%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs