Menomonee Falls-based Magnetek Inc. reported fourth quarter net income of $1.0 million, or 31 cents per share, down from $2.6 million, or 80 cents per share, in the same period a year ago.
Magnetek recorded revenue of $29.7 million, a nominal increase from the same period last year, but a sequential increase of 11 percent from the third quarter of fiscal 2012. The increase in sales from the prior year quarter reflects sales growth of products for material handling applications, largely offset by lower sales of products with mining and renewable energy applications.
For fiscal year 2012, the company recorded revenue of $114.3 million, down 3 percent from $117.6 million in the prior year period. The sales decrease was mainly due to lower sales of inverters for renewable energy applications, which declined to less than $4 million in fiscal 2012 from more than $14 million in the same period last year. In addition, sales of mining products also declined nearly $2 million year-over-year.
“We’re pleased with the performance of our business during the fourth quarter, as our sales approached $30 million without any contribution from renewable energy. Our largest served market, material handling, showed signs of continuing modest expansion during the fourth quarter, and our sales in that area outpaced overall market growth, as our material handling sales increased 15 percent year-over-year to nearly $23 million. In addition, sales into elevator markets increased 6 percent over last year’s fourth quarter to nearly $6 million,” said Peter McCormick, Magnetek president and chief executive officer. “While the outlook heading into 2013 is somewhat mixed, we believe we are well-positioned to outpace overall economic growth rates with our continuing focus on innovation, market share gains, and new market penetration.”