C&D Technologies, producer of electrical power storage and conversion systems announced financial results for the first quarter ended April 30, 2007. For the quarter, the Company reported net income of $2.6 million, on revenues of $130.8 million. This compared to a net loss of $8.7 million, on revenues of $129.2 million in the prior year's first quarter. Results for the first quarter of fiscal 2008 included a non-recurring gain recognized on the disposal of the Company's old joint venture Chinese plant of $15.2 million, and restructuring costs associated with the closure of the Company's Conyers, Georgia manufacturing facility of approximately $200,000.

Standby Power Division

In the first quarter, the Standby Power Division posted total net sales of $75.6 million, and operating profit of $15.9 million, which included the previously-mentioned gain on the sale of the company's former joint venture manufacturing facility in Shanghai, China and severance costs associated with the closure of the Conyers facility. Excluding these items, operating profit would have been approximately $1.0 million. Revenues were up 13.4% compared to last year's first quarter, and 1.8% on a sequential basis, largely as a result of price increases sequentially but also with strong volume performance versus a year ago.

Motive Power Division

The Motive Power Division posted total net sales of $12.8 million, and an operating loss of $2.4 million. Revenues decreased 13.2% compared to last year's first quarter, and 15.9% sequentially.

Power Electronics Division

In the first quarter, the Power Electronics Division posted total net sales of $42.3 million, roughly flat on a sequential basis, and an operating loss of $1.7 million. Versus the prior year, revenues declined from $47.7 million in the prior year's first quarter.