MAY 7--StockerYale Inc. (Salem, NH; www.stockeryale.com), a provider of phase masks, specialty optical fiber, advanced optical technologies, and specialized illumination products, announced financial results for the first quarter of FY2002. "While first-quarter sales declined 14% when compared to fourth-quarter 2001, our first-quarter illumination sales managed to rise 4% over the previous quarter, signaling what we believe is a turnaround in that segment of our business," said Mark W. Blodgett, StockerYale chairman and chief executive officer.
Commenting on the future, Blodgett said, "We continue to focus on both innovative product development utilizing our new R&D/manufacturing facilities and increased efficiencies in our overall operations. As of the end of April, new products resulted in a 22% increase in backlog over fourth-quarter 2001, and we expect this trend to continue as diffraction gratings and optical fibers begin to contribute to sales growth for our optical business. As a result, we expect ongoing improvements in our operating results as we move through 2002."
For the quarter ended March 31, 2002, net sales declined $2 million or 41% from $4.9 million in 2001 to $2.9 million. The slowdown in the semiconductor, electronic-assembly, and telecommunications industries, which impacted StockerYale beginning in the second quarter of 2001, resulted in revenue declines in the illumination and optical component businesses.