FALLS – Magnetek Inc. on Wednesday reported a drop in
fourth-quarter net income.
The company said net income fell to $373,000, or 11 cents a
share, from $1.02 million, or 31 cents, a year earlier.
Recent results include a loss of $365,000, or 11 cents a
share, due to severance, professional fees and finalization
of the company's pension expense for 2013, the Menomonee
Falls-based manufacturer of power and motion-control systems
“We experienced continuing softness in our end markets
during the fourth quarter, particularly in material handling
markets, which we believe peaked at least in the near-term
in the second half of 2012. The year-over-year decrease in
material handling sales is representative of continuing
economic uncertainties, which resulted in a lack of larger
project business for us throughout much of 2013,” said Peter
McCormick, Magnetek’s president and CEO.
Before the gains and losses, Magnetek earned a profit from
continuing operations of $738,000, or 23 cents a share, down
9.8 percent from $818,000, or 25 cents, a year ago.
Additionally, revenue declined 15 percent to $25.2 million
from $29.7 million.
Sales of products for material handling applications fell
$4.2 million to $18.6 million, the company said.