RELM posts increased sales for fiscal 2004

RELM Wireless said its sales for fiscal 2004 were $20.7 million, a 4.7% increase over the $19.7 million posted in the previous year. Net income for the year increased to $7.9 million from $900,000 earned in fiscal 2003, primarily because of a $6.2 million income tax benefit resulting from a reduction in the valuation allowance of RELM’s deferred tax asset. The deferred tax asset is comprised largely of net operating loss carry forwards, the company said.

RELM attributed the sales growth to sales of new products, including Project 25-compliant radios to the government and public-safety sectors and radios targeted to commercial and industrial customers.

Sales in the fourth quarter 2004 dropped off by 5.9% year over year. RELM said the decline was because of the timing of purchases by certain government customers.