News
ARLINGTON, VA -- Down in January, up in February, down in March, up again last month: electronic component orders continued their 2005 seesaw ride, according to the monthly order index compiled by the Electronic Components, Assemblies & Materials Association (ECA).
"Anytime you see an uptick such as the one in April, it's a good sign," said Bob Willis, ECA president (ec-central.org). "So far, it's been a positive year, but we are still seeing fluctuations from month to month as a result of manufacturers' uncertainties about where the market is heading."
Sales improved "significantly" during the quarter, the company said, and current indications "are that this strength has continued into the second quarter."
Of the sales increase, $1.24 million came from the company's Ottawa operations acquired in the first quarter 2004.
For the quarter, gross
margin increased to
$930,000, from $100,000 a year ago. Selling, general and administrative
costs were $1.14 million, down 13.6% from $1.32 million.
Sequentially, sales were slightly higher while the net loss was lower.
F. Michael Marti, president and CEO, said Adeptron "has made significant progress by reducing costs while maintaining revenue. Starting in the fourth quarter of 2004, we engaged in an aggressive and ongoing campaign to improve the cost structure. The cumulative effects of these cost reduction measures will be more evident in the second quarter and fully reflected by the third quarter."
Sales increased by 27% and maintenance revenues increased by 13% over last year's first quarter.
The financial statements incorporate for the first time the adoption of new International Financial Reporting Standards published by the International Accounting Standards Board. Net profit before expensing Share-Based Compensation was $823,000 in Q1 '05 - nearly three times higher than the same quarter last year ($295,000).
Research and Development expenses were $2.8 million - an increase of 5.7% year-on-year.
