MANKATO, MN -- Winland Electronics today announced third-quarter revenues of $9.6 million, up 29.5% from the third quarter 2005. Net income fell 11.8% to $385,456 compared to last year. Net income increased 33% sequentially.

Gross profit was $1.8 million, or 18.3% of sales, and gross profit margin increased sequentially from 15.1% for the period ended Sept. 30. Operating expenses were stable sequentially and up 16.7% to $1.1 million from last year.

Income from operations fell 13.9% to $631,262 versus last year and was up 32% sequentially.

In a press release, Winland chief executive Lorin Krueger said the company was focusing on diversifying its product mix as its major customer, Select Comfort, migrates 50% of its business to a second supplier. That previous announced transition will begin in mid November.

"During the third quarter, we brought 26 new or revised products online which included product introductions from four new customers. [W]e are optimistic that our continued efforts to diversify our customer and product offerings will offset this loss of the Select Comfort business."

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