EFJ sees 3Q profit rise to half-million dollars on steady revenue
EFJ, a Lincoln, Neb., company that is best known for its land mobile radio manufacturing subsidiary, the E. F. Johnson Company, Waseca, Minn., has released details about its third-quarter financial results.
EFJ posted a $500,000 profit on $10.1 million in sales for the quarter ended Sept. 30, compared to a net income of $64,000 on $10.3 million in sales for the comparable period last year.
“We are pleased with our continued performance improvement, especially our bottom-line performance,” said Michael E. Jalbert, EFJ’s chairman.
“We also saw E.F. Johnson’s sales to the domestic core customer base increase by 29% over the same quarter last year, reflecting increasing opportunities in the public safety sector and governmental user segment of the market. E.F. Johnson’s international sales, however, continue to be weak,” Jalbert said.
“With the continued market acceptance of our Project 25 product family, we believe that we are positioning the company to take advantage of potential new domestic opportunities that the national focus on homeland security should provide,” he said.
Johnson accounted for $8.5 million of the revenue, with EFJ’s Transcrypt International information security products manufacturing division bringing in $1.6 million, nearly identical proportions to last year.
EFJ reported a third-quarter gross profit margin of 43%, up slightly from 42% for the comparable period in 2001.
The third quarter has carried the weight for EFJ, which reported a net income year to date of $800,000 on $29.6 million in revenue. That achievement betters last year’s net loss of $1 million on $30.5 million in revenue for the first nine months of the year.
“Lower year-to-date revenues are primarily due to lower international sales and lower revenues from de-emphasized commercial and contract manufacturing customers,” a statement from the company reads.
EFJ listed its cash and cash equivalents at $5.4 million on Sept. 30.
EFJ released its financial results at the end of the business day Thursday, a day that saw its stock price close at 80 cents. The stock opened 5 cents higher the next day and closed at 85 cents. During the year, the price of an EFJ share has ranged from 40 cents to $1.50.