Net Income Increases 14% at Haskel International
Haskel International Inc. posted a 14% jump in its third-quarter net income on a 19% rise in sales.
For the quarter that ended Feb. 28, Haskel saw its net income rise to $1.19 million, compared with a profit of $1.04 million in the same period a year earlier. Sales in the latest quarter rose to $14.2 million, up from $12.4 million.
For a nine-month period, Haskel posted net income of $3.9 million, compared with a net loss of $2.4 million last year. Sales for the nine months rose 4% to $39 million, up from $37.6 million. In the previous year, the company’s results were affected by a one-time legal settlement of $676,000 with its insurance carriers.
Haskel, based in Burbank, manufactures high-pressure liquid pumps and gas boosters. Haskel also announced that it has continued its expansion into the Pacific markets with the purchase of two privately held Australian companies that distribute its systems engineering products.
The two companies, MDC Pty. Ltd. and Hydraulics and Air Pty. Ltd., have combined annual sales of $2 million. Haskel did not reveal the purchase price.
In the past year, Haskel has expanded its business in Asia by opening a sales office in Hong Kong and setting up another operation in Singapore.