TULSA, Okla. – Marine electronics manufacturer Lowrance Electronics, Inc.’s net loss for the fiscal 2005 first quarter ended Oct. 31, was $1,705,000, or $0.39 per share, compared to a loss of $1,571,000, or $0.42 per share, for the first quarter of fiscal 2004, according to a press release from the company this morning.
Lowrance said its net sales increased 25 percent to $17,475,000, compared to $14,036,000 in the same quarter last year.
"We have consistently increased the number of new product offerings in each of the last three years, and for fiscal 2005, the company is bringing more than 50 new SONAR and GPS products to market,” said Darrell Lowrance, president and CEO. “The continual introduction of new products helped increase first quarter sales by 25 percent, and gross margin by 30 percent, for our seasonally weakest quarter. Gross margin also increased to 37 percent, compared to 36 percent of sales, in the first quarter last year.
"We have accelerated new product introductions by the addition of an average of 19 new design engineers since the first quarter last year. Additionally, through the employment of leading edge manufacturing and design technologies, including Chip-on-Flex (COF), Chip-on-Glass (COG), System-on-Chip (SOC) and ASIC circuitry, we have improved product performance while simultaneously reducing material and manufacturing expenses. These enhanced engineering and manufacturing capabilities have differentiated our products and improved our competitive advantage in the marketplace."
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