Magnetek, Inc. (751085) SEC Filing 10-K Annual report for the fiscal year ending Sunday, June 29, 2008

Exhibit 99.1

Magnetek Announces Fiscal 2008 Results

• Net sales for Q4 FY 2008 increased 19% to $27.2 million from Q4 of FY 2007. Fiscal year 2008 net sales increased 14% to $100.0 million from fiscal year 2007 sales of $87.7 million.
• Earnings from continuing operations were $.07 per share in Q4 FY 2008 versus $.06 per share in Q4 FY 2007.
• Balance sheet remains debt-free with over $15 million in cash as of June 29, 2008.
• Net income of $.21 per share for Q4 FY 2008, including income from discontinued operations versus net income of $.06 per share in Q4 FY 2007.

MENOMONEE FALLS, Wis.--(BUSINESS WIRE)--Magnetek, Inc. (“Magnetek” or “the Company”) (NYSE:MAG) today reported the results of its 2008 fiscal year and fourth quarter ended June 29, 2008. As previously announced, the Company has decided to divest its telecom power business and accordingly the results of that business are included in discontinued operations in this release for all periods presented and the related assets to be disposed of have been classified as held-for-sale on the consolidated balance sheet.

Fourth Quarter Results

In the fourth fiscal quarter the Company recorded revenue of $27.2 million, a 19% increase over the fourth quarter of fiscal 2007 and an 11% sequential increase over the third quarter of fiscal 2008. The increase in sales from the prior year quarter reflects continued strength in the Company’s material handling product line, its largest business, as well as continuing deliveries of E-Force^™ wind power inverters.

“The sales growth we’ve experienced over the past year is not only a result of market conditions but is also due to our efforts aimed at increasing sales in the growing automation and wireless markets, as well as the successful introduction of new products such as the E-Force inverter and Quattro^™ elevator drive,” said David Reiland, Magnetek’s chief executive officer.