SL INDUSTRIES, INC. (NYSE AMEX: SLI) Announced today that its net sales from continuing operations for the quarter ended March 31, 2012, were $49.3 million, down 6% compared with net sales from continuing operations for the quarter ended March 31, 2011 of $52.6 million.
Income from continuing operations for the quarter ended March 31, 2012 was $1.4 million, or $0.31 per diluted share, compared to income from continuing operations of $3.6 million, or $0.79 per diluted share, for the quarter ended March 31, 2011.
Net income for the quarter ended March 31, 2012 was $1.3 million, or $0.27 per diluted share, compared to net income of $3.4 million, or $0.75 per diluted share, for the quarter ended March 31, 2011. Net income for the quarter ended March 31, 2012 and March 31, 2011 included a net loss from discontinued operations, net of tax, of $0.2 million, or $0.04 per diluted share for both periods. The net losses from discontinued operations for the first quarter of 2012 and 2011 primarily relate to after tax charges for environmental remediation.
On February 27, 2012, the Company entered into an agreement to purchase certain assets of Pro-Dex Astromec, Inc. (“Astromec”), a subsidiary of Pro-Dex Inc., for approximately $1,050,000.Division Results SLPE (SL Power Electronics Corp.) SLPE designs, manufactures, markets high-reliability power conversion, motion control, and electronic protection equipment designed for medical, aerospace, computer, datacom, industrial, telecom, transportation and utility applications. For the quarter ended March 31, 2012, SLPE reported a loss from operations of $0.2 million, compared to income from operations of $2.3 million for the quarter ended March 31, 2011. Sales for the quarter ended March 31, 2012 were $18.3 million, down 16% over the quarter ended March 31, 2011. Loss from operations was impacted by a decrease in distributor sales, unfavorable product and sales mix, unfavorable overhead absorption due to lowers sales, and higher selling, general and administrative costs primarily due to the Company’s ongoing investigation related to possible Foreign Corrupt Practices Act violations in China.
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