Tii Network Technologies, an Edgewood maker of telecom systems and lightning-protection devices, on Monday issued its first earnings report since last month's sudden replacement of its chief executive.
Tii said it increased its profits in its most recent quarter, even though its sales fell. The lag in sales was due in part to changes in inventory after Tii's acquisition last year of Porta Copper Products, a division of of a Syosset company.
In midday trading Monday Tii's share price was up about $0.06 to $1.65. Its shares are down 40 percent this year. With 75 employees, the company's market capitalization is $22.8 million.
In its Monday report, Tii shows $844,000 profit on sales of $14.5 million for the quarter ended Sept. 30, compared to $815,000 profit on $18.6 million in sales for the same quarter last year.
The past year has been an eventful one for the company, with the death of its founder, Alfred J. Roach, on Nov. 8, 2010, at age 95; and the abrupt announcement last month that its board removed Kenneth Paladino, its president and chief executive.
Replacing him temporarily is the board's non-executive chairman Brian J. Kelley.
The upheaval comes as Tii, its sales sagging during the past few years of economic slowdown, struggled to adapt to the broadband and wireless tech revolutions.
Traditionally a maker of products for copper-wire networks, it evolved, through acquisitions, into coaxial and fiber-optic technology, and said it was seeking to acquire a wireless company so it can offer a full range of communications products.
At one point, during the 1990s, Tii lightning protectors were installed on an estimated 75 percent of copper phone lines in U.S. homes.
Photo: Product design and analysis at Tii.