Edelbrock Corporation, Torrance, Calif., reported net income of $350,000, or $0.06 per diluted share, for the first quarter of its 2005 fiscal year ended Sept. 25, 2004. This compares to net income of $467,000, or $0.09 per diluted share, for the first quarter of fiscal 2004.
Edelbrock revenues for the period ended Sept. 25 decreased 5.9% to $26,032,000 from revenues of $27,658,000 in the same period a year ago.
Results for the quarter reflect professional fees and other costs totaling $179,000 associated with the pending "going-private" transaction proposed by Edelbrock's Chairman, President and Chief Executive Officer, O. Victor Edelbrock, in April 2004, company officials said in a prepared statement.
Furthermore, Edelbrock attributed the decrease in revenues for the first quarter of fiscal 2005 primarily to timing of sales orders in connection with its "VIP" dating program, a stagnant economy, the higher price of gasoline, and uncertainty related to the national election.
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