CANTON, Mass., Jan. 2007 - International Electronics, Inc., a leading manufacturer of electronic access control and asset management products for industrial and commercial applications, today reported quarterly financial results for the first quarter of the fiscal year ending August 31, 2007. The company reported record quarterly revenues and continued improvement in operating profitability for the first quarter over each quarter of fiscal 2006.
Net sales for the three months ended November 30, 2006 were $4,301,353 versus sales of $3,368,960 in the same quarter of the prior year, an increase of 28%. Gross margins for the first quarter of fiscal 2007 improved 2% from the same quarter of the prior year from 43% to 45%. Operating profit for the first quarter of fiscal 2007 was $146,558 as compared with a loss of ($259,131) in the same quarter of fiscal 2006. The net income for the first quarter of fiscal 2007 was $126,534, or $.07 per diluted share as compared with a loss of ($256,400), or ($.15) per diluted share in the same quarter of fiscal 2006.
John Waldstein, President and CEO said, "We are encouraged by the continuing growth in revenues and profitability. We experienced important gains in the first quarter across our primary product lines, which includes eMerge, our new browser managed security platform products, our core group of security products, as well as our PowerKey Fleet Management System. The accelerating pace of acceptance for eMerge products is especially gratifying. It reflects a rapidly developing market acceptance for our eMerge products and positive results from our ongoing strategy to train and certify a significant number of installing dealers."
Waldstein continued "Industry surveys continue to show strong growth in the access control market segment. We believe that the work we have done over the past several years positively positions IEI to continue to play an increasing role in that marketplace."