MENOMONEE FALLS — Magnetek
Inc. said Tuesday its second-quarter net income rose to
$2.30 million, or 70 cents a share, from $1.17 million, or
36 cents, a year ago.
Excluding losses from discontinued operations, Magnetek's
earning rose to $2.51 million, or 77 cents a share, from
$1.19 million, or 37 cents, a year earlier, according to the
Menomonee Falls-based manufacturer of power and
Revenue remained about the same at $27 million.
“Compared to the first quarter, sales for material handling
applications, our largest served market, were up nearly 10
percent, while sales into elevator markets were up 15
percent. In addition, our second quarter gross margin
increased to 36 percent of sales, and our operating profit
margin exceeded our stated target of 10 percent,” said Peter
McCormick, Magnetek’s president and chief executive officer.
“In summary, we challenged the organization to improve our
operating performance, and our people responded very well,
as we not only saw healthy growth in our business, but also
controlled our costs and managed our assets quite well,” he