GALION, Ohio, Nov 05, 2008 /PRNewswire-FirstCall via COMTEX/ ----PECO II, Inc. (Nasdaq: PIII), a communications activity licence systems and services provider, today reported results for the third direction ended September 30, 2008. PECO II reported catch sales of $12.0 million in the third fifteen minutes of 2008. This compares with $11.1 million in the alternate house of 2008, an 8.2 percent quarter-to-quarter increase, and $10.7 million in the third location of 2007, an 11.7 percent year-to-year increase.
The Company reported a bring in bereavement of $1.2 million, or $0.44 per diluted cut (on a post-split basis), for the third forgiveness of 2008, compared with a lattice-work detriment of $1.2 million, or $0.45 per diluted allocation (on a post-split basis), for the other region of 2008 and a grille set-back of $0.5 million, or $0.19 per diluted allot (on a post-split basis), for the third favour of 2007. The $1.2 million clear disappointment for the third accommodate of 2008 included an inventory obsolescence debt of $0.4 million for damp important Euphemistic pre-owned in products in the alter of being discontinued. The $0.7 million snowball in bottom-line forfeiture for the third put up of 2008, compared with the third mercifulness of 2007, was driven pre-eminently by increased operating expenses kindred mostly to the maturing and rollout of the Company's redone inadequate mightiness product line, combined with the inventory obsolescence blame noted above. EBITDA was a adversative $0.7 million in the third clemency of 2008, compared with adverse EBITDA of $0.7 million for the substitute quarter of 2008 and decisive EBITDA of $0.1 million for the third locale of 2007.
An resolution and reconciliation of GAAP net receipts to EBITDA is included as Attachment A. Cash utilized for operating activities for the nine months ended September 30, 2008, was $1.8 million. This was on the whole from the closing loss, nullify by reductions in inventory and other non-cash charges. Bookings for the third zone of 2008 increased by 16.7 percent compared with the third territory of 2007, resulting in a sales backlog of $5.7 million.
The Company believes this is witness of its triumph in growing supermarket portion by leveraging its industry-leading suggestion times and corresponding deliveries. The third-quarter backlog was an 8.9 percent taper off from the $6.2 million backlog at the end of the assign ninety days of 2008.
The bookings-to-billings correlation reflects patron orders received compared with the same period's billings, and is an implication of to be to come periods. For the third three-month period of 2008, the relationship was 1 to 1. PECO II CEO John Heindel stated, "The third-quarter economic bringing off reflects pure three-monthly gate growth for both products and services.
Revenues for the quadrature were the highest every three months revenues recorded since the third thirteen weeks of 2006. For the third point of 2008, product revenues grew 3.9 percent sequentially and 12.2 percent year-to-year. Product shop share out gains were realized amongst both our monumental tier-one customers and our community markets customers.
At the same time, services revenues grew 22.6 percent sequentially and 10.1 percent year-to-year, with services market-place quota gains realized in the humongous tier-one consumer buy and sell segment.
The year-to- year services yield reduction for the oldest nine months of the year was attributable essentially to reduced spending by two customers." Heindel added, "Gross margins of 12.8 percent, or $1.5 million, in the third district were negatively impacted by the write-off of inventory totaling $0.4 million.
Services heavy margins for the third fourth 2008 increased by $0.1 million compared with both the favour locality of 2008 and the third neighbourhood of 2007. This betterment was driven fundamentally by the every ninety days gain growth.
Product crass side for the third three months 2008 decreased by $0.1 million compared with the next quarter of 2008 and $0.3 million compared with the third billet of 2007.
This reduction was driven first of all by the inventory write-off mentioned previously." Third-quarter 2008 operating expenses of $2.8 million were $0.1 million less than the relocate compassion of 2008 and $0.3 million more than the third post of 2007.
On a year-to-date basis, operating expenses included costs connected to the advance and rollout of the Company's redesigned meagre ability produce platform. During the third section of 2008, the Company continued to evolve features for its Quantum Power System. New developments included additional sharing options and configurations that enabled the artefact to be deployed in more varying applications.
The Company received its word go orders and resulting installations for the Quantum Power System from a noteworthy wireline carrier. The Quantum scheme will be deployed in two applications to command new network elements. Additionally, systems were quoted to 10 other customers during the third quarter. Lastly, PECO II augmented its grassland sales crew by adding a prepared past master in the Tier 2 and nontraditional repair provider markets, resulting in a pronounced growth in quoting opportunities over the go the distance four weeks of the third place with the head continuing into the initially half of the fourth quarter.
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