Del Global Technologies Posts Q4 Results; Increases Across the Board

By: QualityStocks Staff Journalist

Del Global Technologies Corp. (OTCBB: DGTC.OB) posted its financial results for the fourth quarter of 2007 and fiscal year ended July 28, 2007. The diagnostic imaging provider reported a significant increase in net sales, net income and consolidated backlog for the fiscal year.

Del Global reported consolidated net sales for the quarter at $31 million, up 29.2% from $24 million in the same period last year. The company attributed the increase to higher sales at the Medical Systems Group and the Power Conversion Group (RFI) which rose 29.4% and 19%, respectively.

In a press release, Del Global’s President and CEO James A. Risher said the company generated more than $100 million in annual sales as it took the necessary steps to strengthen its management and business strategy.

“We ended a record year for the company with a strong fourth quarter, highlighted by increases in sales, margins, and net income. Del Global's financial position at July 28, 2007, was among the strongest in its history, highlighted by positive operating cash flow for the fiscal 2007 year, a fortified cash position, improved debt profile, and increased backlog. Based on our improved operating results and strong investor support for our Rights Offering we currently have the financing capacity to supplement our internal growth plans with potential external opportunities,” Risher stated.

The company reported an increase in net income for the quarter, posting $2.2 million, or $0.09 per share, as compared to $0.7 million, or $0.06 per share in the same period the year prior.

Backlog rose 26.8% to $28.4 million from $22.4 million as of July 29, 2007. Reflecting an increase in international market orders, Medical Systems Group increased its backlog by $5.7 million; RFI increased $3 million. The company said it expects to commence shipments within 12 months.

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