Emerson Radio Corp. reported consolidated results for the fiscal fourth quarter and year ended March 31, 2003 (fiscal 2003). For the year ended March 31, 2003, net revenues totaled U.S. $347.8 million, an increase of 10 percent, or $31.7 million, from the prior year, associated with strong increases in the consumer electronics segment and revenues remaining relatively unchanged in the sporting goods segment. According to the company, gross profit margins climbed to 20.9 percent from 19.7 percent in the prior fiscal year, due to higher margins in both segments. Similarly, SG& A expenses declined to 14 percent of revenues in fiscal 2003 from 14.8 percent in fiscal 2002 as a result of higher revenues, cost containment efforts within electronics, and cost reduction programs from the sporting goods segment.
Consolidated net income before cumulative change in accounting principle for the year reached $27.1 million, or $0.94 per diluted share, as compared to $19.4 million, or $0.52 per diluted share, for the prior fiscal year. After recording a $5.6 million non-cash charge associated with the adoption of goodwill accounting standards, consolidated net income for the year was $21.5 million, or $0.75 per diluted share, compared to net income of $19.4 million, or $0.52 per diluted share, in the prior fiscal year. According to the company, net cash flow (EBITDA) totaled $23.4 million in fiscal 2003, reflecting its stringent cash management efforts and affording it the opportunity to repurchase 13 percent of its outstanding shares and reduce its overall debt levels.
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