Directed Electronics Reports First Quarter 2007 Results
Directed Electronics Reports First Quarter 2007 Results VISTA, Calif., May 10 /PRNewswire-FirstCall/ -- Directed Electronics, Inc. today announced financial results for the first quarter ended March 31, 2007.
Net sales in the first quarter of 2007 were $78 million, an increase of 5% over the prior year first quarter net sales of $74 million. Gross sales of security and entertainment products in the first quarter of 2007 were $65 million, an increase of 65% over the prior year first quarter, primarily driven by the Polk acquisition and strong performance of the Definitive Technology business. Polk Audio represented $25 million of gross security and entertainment sales in the first quarter. Gross sales of satellite radio products were $15 million in the first quarter of 2007, compared to $36 million in the first quarter of 2006.
Pro forma net income for the first quarter of 2007 was $1.2 million, or $0.05 per diluted share, compared with pro forma net income of $3.6 million, or $0.14 per diluted share, in the first quarter of 2006. GAAP net loss for the first quarter of 2007 was $2.8 million, or $0.11 per diluted share, which includes $5.5 million of expense related to the previously disclosed Omega lawsuit. GAAP net income for the first quarter of 2006 was $4.0 million, or $0.16 per diluted share, which included $0.4 million of one-time income tax benefit related to the revaluation of deferred tax assets and liabilities...read more:
here5/11/2007 06:09:00 AM
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