Polk Audio Inc.
The Baltimore-based manufacturer of high-quality audio speaker systems bounced back from a disappointing fiscal 1990 first quarter, when net earnings fell 50 percent compared to the year-earlier period, to a second quarter in which net earnings rose 61.4 percent, to $506,551, from the $313,814 recorded in the second quarter of fiscal 1989.
Net sales in the second quarter were $7,588,916, a 17.5 percent rise over the $6,457,294 during the year-earlier period. Net earnings for the first six months were $683,551, 2.8 percent more than the $664,677 recorded during the first six months of fiscal 1989.
Sales for the second quarter "were better than we expected," said George M. Klopfer Jr., Polk Audio's president. But Mr. Klopfer said he was not surprised at the company's performance.
"We told people in June, when the first-quarter results didn't look good, that we could recover from this. And recover we did," he said.
Three months ended 9/30/90
Six months ended 9/30/90