IEI records increased sales in first quarter

SSN Staff  - 
Thursday, January 9, 2003

January 9, 2003

CANTON, Mass. - International Electronics Inc. on Tuesday reported a profitable first quarter for fiscal 2003, with sales up four percent to $2.74 million, compared to $2.65 million which the company brought in for the quarter ending Nov. 30, 2001.

Although gross profit posted a slight decline, IEI President John Waldstein said the company was continuing to make investments in its product development as well as formulating plans to strengthen its outside sales force, moves that will help to weather forces of an uncertain economy.

The company plans to roll out its BioRead Fingerprint Access Control system in the second quarter of fiscal 2003. Additional models of its LS line of integrated locksets and additional releases of the access control software HubManager are planned for throughout the calendar year.