Thiokol Corp. Thursday reported net income for the second fiscal quarter ended Dec. 31 was unchanged from the same period last year.
Net income and earnings per share of $14.6 million and 72 cents per share respectively were the same for both quarters.Net sales for the three month period were $307.5 million, a 7 percent decrease from $328.9 million for the like period last year. The prior year quarter included only two months of fastening systems sales.
A decrease in the effective income tax rate from 39.3 percent to 37.3 percent and other favorable tax related items offset lower operating results for the quarter.
Net income for the six months ended Dec. 31 increased 1 percent to $28.1 million or $1.39 per share compared to $27.8 million or $1.38 per share for the same period a year earlier. Sales of $596.5 million for the six month period decreased 4 percent from $618.4 million last year.
"We are very pleased with our results for the second quarter," said U. Edwin Garrison, chairman. "We continue to reduce costs and effectively manage change in a difficult industry environment."
Thiokol builds solid propulsion systems, ordnance and composite products for the space and defense industries and high technology fastening systems.