EF Johnson Technologies turned profitable in the second quarter, reporting net income of $1.13 million, or 4 cents a share, on revenue of $30.13 million.
The profits for the Irving, Texas, company, which has operations in Lincoln, nearly wiped out the $1.26 million first-quarter loss, making the six-month loss $130,000, less than a penny a share.
Revenue for the January-June period was $52.55 million.
With its second-quarter earnings report, the company restated results for the first and second quarters of 2008. The restatement increased second-quarter 2008 profits to $1.26 million, or 5 cents a share, on revenue of $32.57 million. The increase in profits from the restatement was a penny a share.
The restatement corrected an error in how the company recognized credits from a supplier.
CEO Michael Jalbert pointed to several positive signs in the second-quarter results, including an increase in gross margin, which is gross profit as a percentage of revenue, to 42 percent from the 34 percent of the year-earlier quarter.
The company did not give any guidance on results for the third and fourth quarters. This year’s first-half break-even results compare with a $759,000 loss, or 3 cents a share, on revenue of $66.47 million in 2008’s first six months.
The company makes two-way radios for military and public safety use.
Contact the writer:
444-1081, virgil.larson@owh.com
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