DETECTION SYSTEMS REPORTS LOWER SALES, EARNINGS IN QUARTER
FAIRPORT, N.Y.
Detection Systems Inc. reports that its net sales for the second fiscal quarter ended Sept. 30 were $35.4 million, compared to $36.7 million for the same period in fiscal 2000. Operating income, excluding $600,000 in expenses related to a proxy contest being waged by Ultrak Inc., increased to $2.9 million from $2.7 million a year ago. Net income for the current quarter was $900,000, or 13 cents per diluted share, compared to $1.5 million, or 22 cents per diluted share in 2000.
“We are pleased with our overall performance for the quarter, despite distractions arising from the proxy contest,” says Karl Kostusiak, chairman and CEO. “Our North American sales growth should accelerate as industry consolidation slows and the new products we introduce begin to make a contribution.” Detection Systems designs, manufactures and markets electronic detection, control and communication equipment for security, fire protection, access control and CCTV applications.
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