Nu Horizons Electronics Corp., Melville, N.Y., said net sales from continuing operations for the first quarter of fiscal 2003, ended May 31, were $75 million as compared to $89.7 million for the prior year's fiscal period.
Net income from continuing operations for the first quarter was $7,705 or zero cents per share as compared to net income of $442,000, or 3 cents per share in the corresponding year ago period.
On August 23, 2001, the company sold its contract manufacturing subsidiary. Earnings for the reported periods are reported separately as discontinued operations. Net income from discontinued operations for the prior year quarter ended May 31, 2001 was $542,000 or 3 cents per basic and diluted share as compared to no income or loss for the current quarter ended May 31, 2002.
"We are encouraged by the sequential improvement in our earnings results for the second consecutive quarter," the company said. "Sales volume has improved, we continue to experience a positive book to bill ratio and have returned to a break-even after a net loss in our immediate prior quarter. We are continuing to invest in our infrastructure with a heavy emphasis on "design in" proprietary products and believe we are increasing market share within our major product lines.
"The component marketplace remains sluggish with near term visibility remaining unclear and will probably continue in this mode for the balance of 2002 and the early part of 2003," it added.