Monday, Williams Controls, Inc. (WMCO), a manufacturer of electronic throttle control systems for heavy vehicles, reported a loss for the third quarter, compared to a profit last year, as revenues halved year-on-year.
William Control's loss for the third quarter was $0.33 million or $0.05 per share compared with net income of $2.2 million or $0.29 per share in the same period last year.
Net sales for the quarter halved to $8.44 million from $17.13 million last year.
For the third quarter, sales to NAFTA truck customers were down 57% year-over-year and net sales to Asian customers plunged 53% on year, while off-road sales declined by 59% over the prior year.
For the nine months ended June 30, net loss was $2.37 million or $0.32 per share compared with net income of $5.83 million or $0.75 per share last year. Net sales declined 41.8% to $28.27 million from $48.59 million last year.
Looking forward, Patrick Cavanagh, president and chief executive officer, said, "Visibility to the future remains limited, but we are hopeful the recent improvement in order rates for July and August are sustainable, and we remain in excellent position to increase market share and penetration during these difficult economic times with our strong cash position, no long- or short-term debt, and our strategic low cost China manufacturing capability."
WMCO is currently trading at $6.00, flat with previous closing, on Nasdaq.
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