The Dewey Electronics Corporation Reports Results for its Fiscal Second Quarter Ended December 31, 2011

February 15, 2012

The Dewey Electronics Corporation reported revenues for its second quarter ended December 31, 2011 increased 30.8% to $2.55 million compared to revenues of $1.95 million during the second quarter of the prior fiscal year.  For the first six months of fiscal 2012, revenues increased 20.3% to $4.29 million versus revenues of $3.57 million during the same period in fiscal 2011.  Higher revenues in both periods were driven by increased production of generator sets under the company’s contract with the U.S. Army.

Net income for the second quarter came in at $28 thousand or $0.02 per diluted share compared to a net loss of $155 thousand or $(0.11) per diluted share during the second quarter in the prior fiscal year.  For the first six months of fiscal 2012, the company reported a net loss of $119 thousand or $(0.09) per diluted share versus a net loss of $279 thousand or $(0.21) per diluted share during the same period in fiscal 2011. Net income in both periods, but primarily the second quarter, benefited from higher gross profits from higher revenues and a favorable product mix as well as a decrease in selling, general and administrative expense.

As of December 31, 2011, the balance sheet reflected cash/cash equivalents of $637 thousand, current assets of $2.89 million, total assets of $3.9 million, current liabilities of $1.18 million and total liabilities of $1.74 million.

The Dewey Electronics Corporation is engaged in the development, design, and manufacturing of military electronics with a focus on compact diesel power generation.

Source: The Dewey Electronics Corporation


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