TORRANCE, CA — Edelbrock Corp. has reported sales and earnings for the second quarter and first six months of 2004, which ended Dec. 25, 2003.
For the quarter, revenues increased to $31,741,000 from $31,015,000 in the same period of fiscal 2003. Net income for the second quarter improved to $1,287,000, or 24 cents per basic share (23 cents per diluted share), from net income of $1,197,000, or 22 cents per basic and diluted share, for the second quarter of fiscal 2003.
For the six months, revenues improved to $59,399,000 from $56,889,000 in the corresponding period one year ago. Net income for the six months was $1,754,000, or 32 cents per basic and diluted share, compared to net income of $2,051,000, or 38 cents per basic and diluted share, for the six months.
Edelbrock attributed its improvement in sales for both the second quarter and first six months to continued strong demand for its products combined with growing confidence among consumers in the nation’s economic recovery. The company noted that, while second quarter net income was improved over the year-ago period, earnings growth continued to be hampered by escalating workers’ compensation and general insurance costs.
The company reported that sales remained strong for a range of new and established product lines in the second quarter. In the period, the company’s top performing lines included automotive carburetors (up 3.1 percent), aluminum automotive intake manifolds (up 3 percent), shock absorbers (up 32.4 percent), electronic fuel injection systems (up 5.5 percent), nitrous oxide systems (up 6.2 percent), and suspension products (up 65 percent). The company also reported a 71.7 percent increase in revenue from third-party casting work at its aluminum foundry.
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