- Net sales for the first quarter ended September 30, 2012 were $126.4 million, a decrease of 18.9%, from $155.8 million in the prior-year first quarter. Net sales were negatively impacted by the weak demand for our PC, notebooks and television products which reflects similar declines within the microcomputer industry.
- Gross margin increased to 5.6%, compared to 4.8% in the comparable period last year due primarily to higher margins earned on small appliance, housewares and personal care products as well as higher margins in our Latin American subsidiaries due to Argentine governmental import restrictions causing tighter inventory supply which increased pricing and margins.
- The Company reported an operating loss of $1.6 million in the first quarter compared to an operating loss of $1.5 million in the prior-year first quarter. First quarter net loss was $2.1 million, or $(0.43) per basic and diluted share compared to a net loss of approximately $0.8 million, or $(0.18) per basic and diluted share in the same period last year.
- EBITDA was a negative $1.3 million for the quarter ended September 30, 2012 and 2011.
- Cash and cash equivalents were $3.5 million, net trade receivables were $52.5 million, net inventories were $55.7 million and working capital was $18.1 million
- Shareholders’ equity at the end of the quarter was $22.3 million, or $4.50 per basic and diluted share
SED International Releases First Quarter Financial Results
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