NEW YORK-Andrew Corp., Overland Park, Ill., reported a fiscal 2002 net loss of $26.4 million, or 30 cents per share, and sales of $865 million. Last fiscal year, the company earned net income of $61.6 million, or 76 cents per share, on sales of $935.3 million.
For the fourth quarter, Andrew experienced a sales gain, to $272 million from $259 million during the same period a year ago. However, it posted a net loss of $47 million, or 48 cents per share, compared with net income of $20.3 million, or 25 cents per share, for the fourth quarter of 2001.
“We believe we have taken the steps necessary to grow profits and cash flow even in this difficult market. One of those steps was the development of a power amplifier product line which nearly doubled our addressed market,” said Floyd English, chairman and chief executive officer.
Andrew’s power amplifier sales totaled $70.1 million last quarter and $96 million for this year, compared with $6.4 million for all 2001.
“Terrestrial microwave antenna systems’ sales were down 20.3 percent for the year, to $127.6 million, due to weakness in all geographic markets, especially Latin America,” the company said.
“Sales of other antennas and support products declined 25.6 percent to $142.1 million for the year, primarily due to lower sales of base station antennas and installation services.
