| Deswell Not So Well in Q3 |
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| Written by Mike Buetow | |||
| Wednesday, 03 March 2010 11:13 | |||
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MACAO – Deswell Industries reported fiscal third-quarter sales fell 42.4% from last year to $21.4 million. The company reported a net loss of $400,000, down from net income of $1 million last year. Operating income dropped 67% to $300,000 for the period ended Dec. 31. The company’s EMS-related sales plunged 49.7% to $8.2 million. Gross profit in the electronic and metallic segment increased to 8.5% of net sales for the third quarter ended Dec. 31, compared to 7.3% of net sales for the year-ago quarter. The improved gross margin in the electronic and metallic segment was mainly attributed to lower materials cost offsetting higher factory overheads. Chief executive Mr. Franki Tse said, "We continued to see the impact of the difficult global economy and our sequential sales performance was essentially flat. There has been some strengthening in order volume recently and we believe that we are well positioned to benefit from a recovering global economy. That being said, we remain cautious and continue to evaluate ways to reduce expenses."
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