For the three months ended September 30, the company reported net income of $340,000 ($0.08 per diluted share) on net sales of approximately $25.1m. These results compared with net income of $462,000 ($0.11 per diluted share) and net sales of approximately $26m in the quarter ended October 2, 1999. While gross profit decreased slightly to $4,009,000 in the most recent quarter, versus $4,020,000 in last year's third quarter, gross profit margin improved to 16 per cent of sales, from 15.5 per cent in the prior-year quarter.
Net income for the nine months ended September 30, 2000 decreased to $1,045,000 ($0.24 per diluted share), compared with $1,107,000 ($0.26 per diluted share) in the first nine months of fiscal 1999. Gross profit increased six per cent to $12,717,000 (17.3 per cent of sales) during the first nine months of fiscal 2000, compared with $12,010,000 (16.3 per cent of sales) in the year-earlier period. Net sales for the first nine months of fiscal 2000 were relatively unchanged at approximately $73.6m, compared with approximately $73.7m in the corresponding period of the previous fiscal year.