EMRISE Announces 2013 First Quarter Results
DURHAM, N.C., May 13, 2013 (GLOBE NEWSWIRE) -- EMRISE CORPORATION (OTCQB:EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced financial results for its first quarter ended March 31, 2013.
Chairman and CEO Carmine T. Oliva said net sales in the first quarter of 2013 increased modestly year-over-year and the net loss, which was expected, declined by more than 39 percent compared to the 2012 first quarter. He also said that even though the first quarter of each year is typically the Company's weakest quarter, EMRISE continued to make operational and financial progress in its turnaround plan during this year's first quarter.
Oliva noted that net sales and profitability for the 2013 first quarter improved year over year in local currencies in each of the Company's European subsidiaries, which was in line with management's expectations. However, the strengthening of the U.S. dollar against the British Pound Sterling and the Euro diluted the impact of those local currency increases when translated into U.S. dollars for consolidation purposes.For the 2013 first quarter, overall net sales were $7.7 million compared to $7.5 million in the prior year first quarter. The year-over-year increase could have been larger had it not been for the delay in France of the shipment of a $300,000 Communications Equipment order due to unforeseen supplier delays. First quarter sales in the U.K. increased by 4 percent over the comparable period in 2012, but when translated into U.S. Dollars the weakness of the British Pound Sterling reduced the benefit of the sales increase by approximately $116,000. "In our Electronic Devices segment, net sales during the quarter were driven by higher sales of our commercial aerospace In-flight Entertainment and Connectivity (IFE&C) and military product lines," Oliva added. "The Company is currently seeing a steady inflow of orders for both of these product lines including a number of new development contracts for promising future military programs. Also, as evidenced by the $2.7 million of recently announced orders for electronic devices used in IFE&C systems, the demand from that market remains strong."
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