Apr 26, 2002
Reptron Electronics Inc. reported net sales increased 3.7% sequentially to $83.1 million in for the first quarter 2002, but declined 38.1% compared to the $134.2 million recorded for the same period a year ago.
The Tampa, Fla., company recorded a net loss of $6.5 million or $1.02 per diluted share. This includes additional reserves recorded on deferred tax assets of $2.6 million. Reptron generated $3.3 million of cash from operations during the first quarter of 2002.
Paul Plante, Reptron's president and chief operating officer, said in a released statement that the free fall experienced by the industry during the past year appears to have subsided.
Although Reptron recorded a book-to-bill ratio of approximately 1.15 during the first-quarter of 2002, predicting the rate and timing of recovery remains difficult, Plante said. We believe Reptron will experience improving operating results for the remainder of 2002.
The company said it has reduced annual operating expenses by approximately $24 million and debt levels by $29 million compared with the same quarter a year ago.
