Keithley Reports Profitable Q1
CLEVELAND, Feb 9, 2010 -- Keithley Instruments Inc., a developer and producer of advanced electrical test instruments and systems, has announced results for its fiscal 2010 first quarter, ending Dec. 31, 2009.
Net sales of $28.4 million for the first quarter of fiscal 2010 decreased $2.7 million, or 9 percent, from net sales of $31.1 million from the same period a year ago. First-quarter fiscal 2010 net income, however, was $6.1 million, or 38 cents per share, which includes an after-tax gain of $3.0 million, or 19 cents per share, on the sale of the company's radio-frequency product line - an increase over the the same time period last year in which the company reported a net loss of $2.4 million, or 15 cents per share.
“We are pleased that we returned to profitability this quarter and that we are beginning to realize the earnings leverage derived from the cost reduction actions taken since September 2008,” stated Joseph P. Keithley, president and chief executive officer. “During the past year, we have moved aggressively to reduce our cost structure and operate more efficiently."
He added, “We are increasingly optimistic yet cautious as to when our customers’ production-related spending will materially increase for test and measurement equipment. We are encouraged by the growth opportunities for our existing and new applications and believe that we are benefiting from initiatives around the world related to energy-efficiency improvements and new semiconductor device technology.”
For more information, visit: www.keithley.com
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