CII Technologies Inc. reported today that revenue for the third quarter, ended Sept. 30, increased 19.6%, to $54.5 million from $45.6 million in the corresponding period in 1999.
The Asheville. N.C., company attributed the increase primarily to strong demand for relays, contactors, transformers, and EMI/RFI filters. This was partially offset by the expected slowdown in the commercial airframe market, CII said, as well as continued pricing pressure and unfavorable foreign-exchange rates.
Gross profit increased 18.8%, to $14.1 million compared with $11.9 million in the year-ago quarter. The company generated adjusted EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $8.7 million, compared to $7.5 million for the same period in 1999. Net income increased to $87,000 from a net loss of $486,000 in the third quarter a year ago.