Peerless Mfg. Co. announced results for the second quarter of fiscal year 2003 ended Dec. 31, 2002.
The company's second quarter revenues were U.S. $20.7 million, a decrease of $6.3 million, or 23.3 percent, compared to $27.0 million for the second quarter of fiscal 2002. The decrease in revenues was primarily due to a fall off in the demand for new power plant construction and a weakening economic environment. The Company recorded a net loss of $26,000, or $0.01 per basic and diluted share for the second quarter compared to net income of $948,000, or $0.32 per basic share ($0.31 per diluted share) for the comparable period in fiscal 2002.
Mr. Sherrill Stone, Chairman and Chief Executive Officer of Peerless, stated, "Although we experienced a loss in the second quarter of $26,000, we are encouraged by these results compared to the approximately $1.4 million net loss in the first quarter of fiscal 2003. We are realizing the benefits of our restructuring and organizational realignment initiatives. We are also encouraged that our backlog at December 31, 2002 was approximately $45 million." In other news, the company announces receipt of an order of approximately $2 million for its traditional separation/filtration products from a major gas producer in Canada.
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