Lowrance sets 1Q sales record

TULSA, Okla. – Lowrance Electronics, Inc. set a first-quarter sales record with a sales increase of 35 percent to $23,582,000 for the quarter ended Oct. 31, compared to $17,475,000 for the same quarter last year, the company said in a release this week.

The SONAR and GPS products, digital mapping systems and accessories manufacturer also said its net loss was $2,781,000, or $0.54 per share, compared to a loss of $1,705,000, or $0.39 per share, in the first quarter of fiscal 2005.

“Strong sales of automotive GPS and hand-held GPS products contributed significantly to the company’s record first quarter sales,” said Darrell Lowrance, president and CEO. “Net income for our seasonally weakest quarter was impacted, as expected, by the lower average margins of these new automotive and hand-held GPS products. These products are now accounting for a significantly higher share of sales during the summer and fall seasons.

“We have increased our selling and marketing efforts to introduce and support new automotive GPS, SONAR and SONAR/GPS products which will begin volume shipment during the current quarter ending Jan. 31. For the 2006 fiscal year, we expect a significant increase in sales and project that net income will increase more than 20 percent over fiscal 2005.”

For the fiscal year ended July 31, Lowrance reported record net income of $9.4 million, or $1.90 per diluted share, on record sales of $146.4 million.

Lowrance noted that the company continues to enhance and introduce new products, with the planned introduction of over 50 new SONAR and GPS related products in fiscal 2006.

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