Magnetek Revenue Drops From Last Year

Magnetek Inc., based in Menomonee Falls, reported a 13 percent decrease in first-quarter sales and profitability and cites "challenging conditions in mining markets" as a factor. 

The company's net income fell to $472,000, or 14 cents a share, from $6.88 million, or $2.14 a share, a year ago.

“Challenging conditions in mining markets, combined with moderating demand and seasonal factors in material handling markets, resulted in both a sequential and a year-over-year decline in both sales and profitability. In response, we focused our actions during the quarter on controlling our payroll and other discretionary costs. Despite the lower sales levels, our continuing operations remained profitable, and our first quarter adjusted EBITDA achievement was more than 10% of sales,” said Peter McCormick, Magnetek’s president and chief executive officer, in a release.