MINNEAPOLIS – HEI Inc. reported third-quarter net sales were $7 million, down 38% year-over-year.
 
The firm generated a net loss of $1.03 million, compared to net income of $156,000 for the same period last year.
 
Net sales for the first nine months of fiscal 2009 were $23.7 million, down 25% compared to the prior year period. The net loss was $934,000, compared to net income of $377,000.
 
"The results reflect the impact of some pricing concessions we made in order to retain certain business for HEI, and the discontinuation of certain products by some of our customers. The third quarter appears to be the low point," said HEI CEO Mark B. Thomas.

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