International Electronics Inc. (IEI) reports operating results for its fiscal second quarter and six months ended Feb. 28, 2002. 

Net sales for the three months ended Feb. 28, 2002 were $3.2 million, a 24-percent increase from $2.6 million for the same prior year period. Gross profit for the second quarter of fiscal 2002 was $1.5 million, or 46 percent of net sales compared with $1.1 million, or 44 percent of net sales for the comparable quarter of fiscal 2001.

Net income for the second quarter of fiscal 2002 was $242,953, or 15 cents per diluted share, compared with net income of $47,015, 3 cents per diluted share, for the second quarter of 2001.

Net sales for the six-month period ended Feb. 28, 2002 were $5.9 million, an increase of 10 percent from $5.3 million for the same period of fiscal 2001. Gross profit for the first half of fiscal 2002 was $2.7 million, producing a margin of 46 percent of net sales, in comparison with the gross profit during the first half of 2001 of $2.4 million, which had a slightly lower margin of 45 percent of net sales. Net income for the first six months of fiscal 2002 was $304,002, or 18 cents per diluted share, compared with $33,219, or 2 cents per diluted share, for the same fiscal 2001 period.

IEI President John Waldstein says the company hopes to play a bigger role in the growing access control market segment. “During the second quarter, we made two significant investments in our infrastructure. We purchased new customer relationship management software and we purchased automated manufacturing equipment that will allow us to continue to drive the quality of our products, as well as allow us to respond more rapidly to customer delivery requirements,” he says. “Our balance sheet continues to remain healthy.”

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