Peerless Mfg. Co., reported its operating results for the fiscal fourth quarter and year ended June 30, 2003.
The company reported fourth quarter revenues of approximately U.S. $20.4 million, a decrease of $8.4 million, or 29 percent percent, compared to approximately $28.8 million for the fourth quarter of fiscal 2002. The lower revenues were primarily due to a decrease in the demand for new power plant construction, a weak economic environment, and delays and rescheduling of awarded projects. The company recorded a net income of approximately $1.4 million, or $0.45 per diluted share for the fourth quarter, compared to net income of approximately $1.5 million, or $0.48 per diluted share for the comparable period in fiscal 2002.
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