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HEI Swings to Profit for Fiscal 2009

Published: 10 March 2009
 by Staff
MINNEAPOLIS -- HEI, Inc. reported net sales of $55.8 million and net income of $1.1 million for the 16-month period ended Jan. 3.

The company had net profits of $243,000 for the four-month period ended Jan. 3.

The unusual 16-month reporting year (September 2007 to December 2008) came about because HEI modified its fiscal year to end on the Saturday closest to Dec. 31.

HEI had net income of $857,000 for the 12-month period ended Aug. 30, 2008, versus a net loss of $5.7 million the 12-month period ended Sept. 1, 2007.

In a statement, CEO Mark B. Thomas said HEI reported a 16-month period to save on costs of a separate audit for the original 12-month fiscal year and a subsequent four-month period.
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