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HEI, Inc. Announces Second Quarter 2010 Results
Jul 28, 2010 (01:07 PM EDT)
MINNEAPOLIS, July 28 /PRNewswire-FirstCall/ -- HEI, Inc. (Pink Sheets: HEII) (http://www.heii.com) today announced its financial results for its second quarter of fiscal year 2010, which ended July 3, 2010.
Sales for the second quarter were $9,350,000, compared to $7,826,000 for the second quarter of 2009. The Company generated a net income of $79,000 for the second quarter of 2010 compared to a net loss of ($168,000) for the same period of 2009. Sales for the first six months of 2010 were $18,870,000, compared to $16,709,000 for the first six months of 2009. The Company generated a year-to-date net income of $371,000 for 2010 compared to a net income of $100,000 for the first six months of 2009.
HEI CEO, Mark B. Thomas, remarked: "We are still rebuilding our revenues from the downturn in 2009 and rebuilding profitability as the year progresses. The results are still lower than we are driving for, but we are optimistic about the remainder of fiscal year 2010 and beyond. As we stated before, our drive throughout the remainder of 2010 is to continue to grow sales, improve gross margins and expand our customer base and we are making steady progress in each of these areas."
HEI, Inc. designs, develops and manufactures ultra-miniature microelectronics, substrates, systems, connectivity and software solutions for customers engaged in the medical, hearing, telecommunications, military, aerospace, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional and cost effective product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.
FORWARD LOOKING INFORMATION
Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "intend," "estimate," "continue," and similar words. Statements contained in this press release, including the implementation of business strategies, growth of specific markets, improved results and the estimated HEI revenue, cash flow and profits, are forward looking statements. All of such forward-looking statements involve risks and uncertainties including, without limitation, adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, HEI's ability to satisfy financial or other obligations or covenants set forth in its financing agreements, adverse competitive developments, change in or cancellation of customer requirements, collection of receivables and outstanding debt, HEI's ability to control fixed and variable operating expenses, and other risks detailed in previous HEI SEC filings. Since HEI is no longer reporting to the SEC, readers are cautioned to weigh the potential for additional risk factors based on ongoing business activities and the current economic conditions in the world economy. The information set forth herein should be read in light of such risks. We undertake no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results.
SOURCE HEI, Inc.