(February 3, 2004) Orland Park, IL--Despite reporting strong first quarter sales this year, Andrew Corp. has posted a 32% drop in net income for its latest quarter. The losses are due to amortization and the sale of television broadcast assets, which offset the higher revenue.
Net income for the first quarter ended December 31 fell to $4.1 million from $6.1 million. Excluding charges from the amortization of acquired assets and a loss from an asset sale, Andrew posted first-quarter earnings of 8 cents a share. First quarter net sales were $410.8 million, up 61% from $254.5 million in the year ago quarter and slightly better than prior guidance of $400 million to $410 million in sales.
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