As a result of the Company's sale of its membership in the ASI joint venture in April 2009, the results of operations of the Company's membership interest in the ASI joint venture have been presented as discontinued operations for all periods presented.

Net revenues for the fourth quarter of fiscal 2009 were $43.2 million, an increase of 17.2% compared to net revenues in the fourth quarter of fiscal 2008. The increase in net revenues during the fourth quarter of fiscal 2009 was primarily due to higher sales in the housewares category offset by lower sales in the Company's audio category.

Net revenues for fiscal 2009 decreased by $22.6 million, or 10.1%, to $200.6 million, compared to $223.2 million during fiscal 2008. Higher net revenues from housewares, which increased $12.8 million or 10.0% to $140.4 million in fiscal 2009, were offset by a decline of $34.0 million, or 43.1%, in net revenue from Emerson branded products, resulting primarily from lower sales across the Company's audio product category.

Operating loss for the fourth quarter of fiscal 2009 was $2.9 million compared to an operating loss of $6.0 million for the fourth quarter of fiscal 2008. Operating loss for the fourth quarter of fiscal 2009 decreased compared to the prior year primarily as a result of the higher revenue coupled with lower SG&A expenses. The Company's operating loss for fiscal 2009 was $4.4 million compared to an operating loss of $7.2 million during fiscal 2008. The decrease in operating loss during fiscal 2009 was primarily due to a $6.4 million decline in SG&A costs, or 27.5%, resulting from decreases in legal fees, freight costs, and personnel costs, partially offset by the impact of the lower net revenues.

Net loss from continuing operations for the fourth quarter fiscal 2009 was $2.2 million or $0.08 per diluted share compared to a fourth quarter fiscal 2008 net loss from continuing operations of $7.3 million or $0.27 per diluted share. Net loss from continuing operations for fiscal 2009 was $4.2 million or $0.16 per diluted share compared to fiscal 2008's net loss from continuing operations of $9.0 million or $0.33 per diluted share.

After considering the impact of discontinued operations, net loss for the fourth quarter of fiscal 2009 was $2.5 million, or $0.09 per diluted share, compared to a net loss of $7.3 million, or $0.27 per diluted share, for the fourth quarter of fiscal 2008. Net loss for fiscal 2009 was $4.8 million, or $0.18 per diluted share, compared to net loss of $9.0 million, or $0.33 per diluted share, in fiscal 2008.

"While the economy remains difficult we are beginning to see some early signs of success in repositioning Emerson as a leaner operation. In the fourth quarter we grew sales, lowered our costs and narrowed losses," said Greenfield Pitts, Executive Vice President and Chief Financial Officer of Emerson Radio. "Looking ahead, we are looking to further reduce spending and improve efficiencies throughout the Company to better position Emerson for growth once economic conditions normalize. On the product front, we remain focused on bringing redesigned and innovative products to market.