Nam Tai Electronic (NYSE:NTE) Sales in the third quarter of 2008 were $160.5Mn, a decrease of 21.5% as compared to sales of $204.5Mn in the third quarter of 2007. Net income in the third quarter of 2008 was $4.9Mn, compared to net income of $12.7Mn in the third quarter of 2007. Basic and diluted earnings per share in the third quarter of 2008 were $0.11 per share, compared to basic and diluted earnings per share of $0.28 in the third quarter of 2007. The Company will reconsider the resumption of expansion plans which included the construction of a new factory and the development of the Company's second real estate site in Wuxi. All of them resume work in mid-2009 by taking into account of the global economic conditions and business development of the Company.
Sysco Corporation (NYSE:SYY) reported a 5% increase in sales to $9.9Bn from $9.4Bn last year. While, Diluted earnings per share (EPS) increased 7.0% to $0.46 compared to $0.43 in last year's first quarter. In addition, net earnings for the first quarter of fiscal 2009 were unfavorably impacted by a 42.5% tax rate for the quarter compared to 38.1% in the prior year's first quarter. The primary contributors to this unusually high tax rate were the $22.9Mn COLI loss noted above which is not deductible for tax purposes, and a previously unidentified tax contingency arising from a recent tax audit.