TULSA, Okla. – Lowrance Electronics, Inc.’s (Nasdaq: LEIX) fourth quarter sales jumped 59 percent to a fourth quarter record of $43.0 million, compared to sales of $27.0 million for the same quarter of fiscal 2004, the company reported in a statement today.
Net income for the fourth quarter ended July 31 increased 23 percent to $2.5 million, or $0.49 per diluted share, compared to $2.0 million, or $0.51 per diluted share, for the same period in fiscal 2004. There were 5.1 million diluted shares outstanding in the fiscal 2005 fourth quarter, compared to 4.0 million diluted shares at the same time last year.
For the fiscal year ended July 31, net sales increased 31 percent to a record $146.4 million, compared to $111.9 million last year. Net income increased 8 percent to a record $9.4 million, or $1.90 per diluted share, compared to $8.8 million, or $2.20 per diluted share, in fiscal 2004. There were 4.9 million diluted shares outstanding in fiscal 2005, compared to 4.0 million diluted shares in fiscal 2004.
"Record full year and fourth quarter sales reflect the introduction of over 50 new, leading-edge SONAR, GPS/SONAR combination and GPS products, supplemented by significant contributions from our new turn-by-turn automotive GPS product, the award-winning iWay 500C,” said Darrell Lowrance, president and CEO. “As expected, the strong sales for our automotive and hand-held GPS products, which have lower gross margin percentages than the marine products, reduced the fiscal 2005 gross margin percentage to 37 percent of sales, compared to 42 percent of sales in fiscal 2004. We believe the high fourth quarter sales rate for new automotive and hand-held GPS receivers provides clear evidence this new line of products will complement our seasonal marine business."
He also stated that the company is continuing its strategy “to leverage our business through the introduction of additional new products for the automotive and handheld GPS markets.”
- For more of the latest news, click here.