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Business

TII of Brentwood reports lower profit in '09

TII Network Technologies Inc., Brentwood
Maker of surge protectors and network interface boxes

 

Year: Ended Dec. 31

Net income: Profit of $73,000, compared with profit of $578,000 in the previous year.

Net sales: $27.4 million compared with $35.1 million in the previous year.

Outlook: "The economic decline that began in the second half of 2008 and accelerated into 2009 appears to be abating," president and chief executive Kenneth A. Paladino said in a statement.

Company statement:"Though confronted with a dramatic business downturn, we successfully managed our company through the worst of this recession and have emerged as a stronger company," Paladino said.

"We have further strengthened our balance sheet and the efficiency of our operations, and have won important market share gains. Our improved gross margin percent compared to the third quarter reflects reduced airfreight costs and for the year, our operating expenses are down 18 percent."

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