Menomonee Falls-based Magnetek Inc. today reported fiscal fourth quarter net income of $6.4 million, or 21 cents per share, up from $1.8 million, or 6 cents per share, in the same period a year ago.
Magnetek's quarterly net sales grew to $27.2 million from $22.9 million a year earlier. The firm's balance sheet remains debt-free with more than $15 million in cash as of June 29.
"The sales growth we've experienced over the past year is not only a result of market conditions but is also due to our efforts aimed at increasing sales in the growing automation and wireless markets, as well as the successful introduction of new products such as the E-Force inverter and Quattro(TM) elevator drive," said David Reiland, Magnetek's chief executive officer.
For the full fiscal year, Magnetek recorded revenue of $100.0 million, up from $87.7 million in the prior year. The company's gross profit for the year amounted to $29.4 million, up from $28.1 million in fiscal 2007.
Magnetek caps strong fiscal year
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