EFI Electronics Corp., 2415 S. 2300 West, an electric power conditioning company, is reporting net income of $1.2 million for the fiscal year ending March 29, a 35 percent increase over the $908,429 in the previous 12-month period.
Revenue for the year increased 22 percent to a record $11.9 million compared to $9.7 million for the previous year. Earnings per share for the fiscal year were 43 cents, a 54 percent increase over the 28 cents of a year ago.For the fourth quarter ending March 29, EFI had record revenue of $3 million, a 17 percent increase from $2.6 million in the same quarter a year ago, and earnings were $250,053, a decline from the $271,217 in the same period a year ago.
Scott H. Nelson, president, said the company's revenue and income for the fiscal year were on target with original projections despite the recession and considerable investment in research and development along with significant expenses involved in launching new products.
EFI's products are designed to ensure quality and consistency of electrical power to protect computer, telecommunications and microprocessor-based equipment in a wide range of industrial, medical and consumer applications.