External power supply vendor Ault Inc., Minneapolis, reported that sales for its second 2002 fiscal quarter ended December 2, were $9.9 million, down from the $26.5 million reported for the second quarter of fiscal 2001.
The results were consistent with the company's pre-announcement of November 26.
For the quarter, Ault recorded a net loss of $2.06 million or 45 cents per diluted share, compared to net income of $0.8 million or 17 cents per diluted share for the same period last year. The second quarter results included a $2.1 million charge for obsolete inventory, bad debt and restructuring costs due to workforce reductions.
For the six months ended December 2, 2001, Ault reported a net loss of $2.7 million or 60 cents per diluted share, compared to net income of $1.39 million or 30 cents per share in the first two quarters of fiscal 2001.