Sym-Tek Systems Posts Record 3rd-Quarter NetBuoyed by...

Sym-Tek Systems Posts Record 3rd-Quarter Net

Buoyed by strong increases in sales of its automatic environmental-testing equipment products, Sym-Tek Systems Inc. reported record third-quarter sales and earnings.

Net income for the third quarter ended last Dec. 31 increased 163% to $540,000, while sales rose 121% to nearly $10.5 million.

For the nine months, earnings jumped 103% to $1 million, while sales increased 92% to $25 million.

Increased product shipments sparked the record-setting performances, President Ray Twigg said. “We’re getting a better handle on material control, and we’re getting better prices from outside vendors,” he said.

Twigg said the company has instituted 10% across-the-board price increases on its 10 products and, because of that, is “encouraged” by its fourth-quarter performance.

In addition, the company sold the assets of General Thermionics Inc., a capacitor-making subsidiary of which it owned 72%, for $250,000 and now can “concentrate 100% on Sym-Tek,” Twigg said.