Sparton Reports Fiscal Q3 Net Sales Down 6.6%
SCHAUMBURG, IL – Sparton reported fiscal third quarter net sales of $95.4 million, down 6.6% year-over-year and 2% sequentially.
For the period ended Apr. 2, EBITDA was $5.1 million, a decrease of 21.6% compared to the fiscal third quarter of 2016, and up 32% sequentially.
Operating income for the quarter was $1.5 million, down 42.8% year-over-year, and up from $221,000 in the prior quarter.
“Our medical facilities are continuing to perform well, while certain mil/aero and industrial facilities experienced unexpected delays in a couple of customer programs,” said Joseph J. Hartnett, Interim president and CEO. “As expected, our ECP segment performance improved significantly over the prior quarter. Overall, while we are not satisfied with the quarter’s results, we are making progress in building a stronger more productive infrastructure, while continuing to explore a potential acquisition of the company.”
For the nine-month period ended Apr. 2, net sales were $293.2 million, down 6.2% year-over-year. EBITDA for the period was $14.1 million, down 28%, while operating income was $3.1 million, a decrease of 60% compared to the same period the previous year.
As of Apr. 2, Sparton had $82 million available under its $175 million credit facility.
The firm expects revenues for the fiscal fourth quarter between $97 million and $101 million.
