HEI, Inc. Announces Fourth Quarter And Fiscal Year 2012 Results
HEI, Inc. (Pink Sheets: HEII) ( http://www.heii.com) today announced its financial results for the fourth quarter and fiscal year 2012, which ended December 29, 2012.
Sales for the fourth quarter of 2012 were $11,426,000 compared to $9,201,000 for the fourth quarter of 2011. The Company generated a net loss of ($245,000) for the fourth quarter of 2012 compared to a net income of $364,000 for the fourth quarter of 2011. Sales for the full fiscal year of 2012 were $40,020,000, compared to $37,415,000 for 2011. The Company generated a net loss of ($1,257,000) for the full fiscal year of 2012 compared to a net income of $1,051,000 for 2011.
Sales were up 24.2% ($2,225,000) year-over-year in the fourth quarter as a result of increases in the Company’s Victoria operation which was partially offset by decreased sales in the Company’s other two operating divisions. Gross margins were down on a consolidated basis with Victoria gross margins improving as a result of improved efficiencies associated with the increased sales volumes while the decline in the other two operating divisions' gross margins were a result of lower sales volumes and lower margin product mixes compared to the prior year. The net loss for fiscal 2012 included an increase to our reserve for inventory obsolescence of $889,000, which had no cash impact during the year. Net cash flow provided by operating activities was $2,399,000 for fiscal year 2012 compared to $1,219,000 for fiscal year 2011.
"The return to profitability for 2012 in our Victoria, Minnesota division was a result of the military radio systems component contracts we secured during the year, as well as strong demand from our telecom and other customers which improved our operational effectiveness. Unfortunately, Victoria’s turnaround was not enough to compensate for the slowdown in both the Boulder and Tempe facilities. We are entering 2013 with strong backlogs and strong demand from our new and existing customers, along with an increased focus on sales and customer expansion," commented HEI CEO, Mark B. Thomas.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV