Industrial services provider MISCOR Group, Ltd. reported a sharp increase in operating income for the fiscal year ended Dec. 31, 2007, driven by a 20.6 percent increase in net sales. The results were primarily attributable to product and services gains in both of the Company's two operating segments: Repair, Remanufacturing and Manufacturing (RRM) and Construction and Engineering Services (CES).
South Bend, Ind.-based MISCOR, a supplier of mechanical and electrical industrial products and services, said net sales in 2007 increased to $73.2 million compared to $60.7 million for fiscal 2006 due to increased market penetration, an expanded geographic service area and the acquisitions of 3-D Service and Ideal Consolidated. Operating income for fiscal 2007 increased 21.7 percent to approximately $1.5 million, up from $1.2 million in the prior year. The top-line gains helped reduce MISCOR's 2007 net loss to $2.0 million, or $0.26 per diluted share, compared with a net loss of $2.6 million, or $0.61 per diluted share for fiscal 2006. The net loss was attributed to a $2.3 million loss on debt extinguishment absorbed in the first quarter of 2007 concurrent with the Company's $12.5 million private placement. The private placement was completed in order to increase working capital $5.8 million and reduce long-term debt by approximately $6.7 million. In addition, higher sales and lower interest expenses helped to narrow the year-end loss.
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