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Ferrofluidics has announced, including results from discontinued operations, a net income of US$4.8 million in the first quarter, compared to US$656 000 in the first quarter of the previous year.
Revenues from continuing operations were USS$6 million in the current quarter as compared to US$6.6 million in the same quarter last year. The lower revenues resulted in a loss from continuing operations of US$365 000 as compared to US$317 000 in the same period last year.
The company stated that revenues and earnings from continuing operations, which include its core magnetic fluids and ferrofluidic sealing products, were down as a result of market conditions in the semiconductor equipment market.
However, despite the downturn, revenues from the company's distributed products line increased significantly, and worldwide revenues from the fluids product line were approximately the same as the previous year.
With the continued weakness in the global semiconductor industry, significant revenue gains over the current year are unlikely. Thus, the company are introducing measures to further reduce its costs in line with revenue expectations.
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