Newspaper article THE JOURNAL RECORD

Lowrance Electronics Earnings Drop

Newspaper article THE JOURNAL RECORD

Lowrance Electronics Earnings Drop

Article excerpt

TULSA (JR) -- Lowrance Electronics on Tuesday reported lower net income and revenues for the third fiscal quarter ended April 30.

Net income for the quarter totaled $619,000, or 16 cents per share, down from $1.2 million, or 36 cents per share, a year earlier.

Sales for the quarter totaled $28.35 million, down from $39.59 million for the third quarter of the previous fiscal year. For the nine months ended April 30, Lowrance reported a net loss of $556,000, or 16 cents per share, compared with a net loss of $2.4 million, or 72 cents per share, for the first nine months of the previous fiscal year. Sales for the first nine months of the fiscal year were $68.7 million, down from $73.8 million. Third quarter sales were affected by increased competition for the lower-priced Global Positioning System products, severe spring weather in the Southeast region, early closure of the salmon fishing season in the Pacific Northwest and the company's planned reduction in expenditures for marketing, product advertising and promotion as well as a planned delay of new product releases into the fourth quarter, said Darrell Lowrance, president and CEO. Tulsa-based Lowrance Electronics designs and manufactures products used primarily for sport fishing, hunting, recreational boating and other outdoor applications as well as in general aviation. …

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