Magnetek returns to profitability

Menomonee Falls-based Magnetek Inc. returned to profitability in its fiscal first quarter, reporting a net income of $271,000, or 1 cent per share, compared with a net loss of $1.8 million, or 6 cents per share, in the same period a year ago.
the company’s quarterly sales grew to $24.9 million from $17.8 million.
The increase in sales from the prior year quarter reflects sales growth in each of the company’s major served markets, as well as significant year-over-year sales growth in its renewable energy product line.
"Our first quarter was highlighted by strong bookings and sales, solid gross margin achievement, and a continued focus on profitability and cash flow. Our end markets continued to recover during the quarter, as evidenced by a strong book to bill ratio for products with material handling applications, our largest served market. Each of our primary served markets experienced a sales increase over prior year first quarter levels, led by sales of wind inverters for renewable energy applications. Wind inverter sales comprised nearly 20 percent of our first quarter revenue, validating our belief that renewable energy markets present our greatest near-term growth opportunities. We’re pleased that on a number of fronts we were able to build on the positive momentum we established last quarter," said Peter McCormick, Magnetek’s president and chief executive officer.