Net sales down 33.7%
Tii Network Technologies, a manufacturer of network products, has posted a net loss of $68,000, or $0.01 per diluted share for the fourth quarter ended December 31, 2008, compared to a net income of $6.05m, or $0.44 per diluted share, for the same period in 2007.
Net sales for the fourth quarter of 2008 were $7.9m, compared to $12m in the comparable period of 2007, a decrease of 33.7%.
For the year ended December 31, 2008, net sales were $35.2m compared to $46.8m in 2007. For the full year 2008, the company posted a net income of $578,000, or $0.04 per diluted share, compared to $6.4m, or $0.48 per diluted share, in 2007.
Kenneth Paladino, president and CEO of Tii Network, said: The deterioration of the economy has caused a contraction in the telecom equipment market, our principal market. Our ability to maintain operating profitability for the full year, despite a reduction in sales, results from the operating improvements we have made over the last few years, additional cost reduction initiatives we executed in 2008 and the success of our product development strategy.