Cooper Industries Inc. Houston, reported revenues for the first quarter 2002 were $975 million, compared with $1.1 billion for the same period last year, a 11.4 percent decline. Operating earnings for the first quarter 2002 were down 20 percent, dropping to $88.4 million for its 2002 first fiscal quarter, compared with $111.9 million for the first quarter 2001. Net income for the 2002 first quarter was $48.8 million, compared with $56.4 million in the 2001 first quarter, a 15.5 percent decline. “The first quarter unfolded very much as we had expected,” said John Riley Jr., chairman, president and CEO. “We anticipated that the existing softness in the overall economy and in the specific markets we serve would linger well into 2002. However, we continued to exercise good discipline in managing all of our businesses. As a result, despite very difficult market conditions, we were able to modestly exceed our previously stated earnings projection for the quarter.

First quarter 2002 revenues for Cooper's Electrical Products segment were $819.5 million, compared with $910.0 million for the same period in 2001. Operating earnings in this year's first quarter were $91.8 million, compared with $102.6 million for the 2001 first quarter. “As expected, all of the company's Electrical Products businesses experienced lower demand relative to the first quarter of last year,” said Riley. “However, when compared to the fourth quarter 2001, overall segment revenues were flat, providing some indication that the steep market declines experienced throughout 2001 may, in fact, be moderating. Additionally, margins in our Electrical Products businesses held up reasonably well, reflecting the effectiveness of previously implemented cost-reduction programs.” Compared to the fourth quarter of last year, the company's lighting, circuit protection and European lighting and security businesses reported modest revenue increases. Sales to power delivery markets have held relatively constant over the last six months. However, revenues softened quarter-over-quarter in the company's other Electrical Products businesses, impacted primarily by diminished demand from the commercial construction sector and volatile oil and gas markets.

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