Elkhart-based CTS Corp. (NYSE: CTS) is reporting net income of $6.95 million in 2015, down from $26.5 million the previous year. The company adds that sales dropped 5.4 percent in 2015.
CTS is also reporting a fourth quarter net loss of $13.65 million, compared to a net income $6.96 million during the same period the previous year.
"CTS had a challenging 2015, and we were disappointed with our revenue performance," said Kieran O’Sullivan, chief executive officer of CTS Corp. "However, we achieved a number of significant accomplishments during the year. We improved our gross margin. We also successfully completed the transition of manufacturing from our plant in Canada, added several new customers, and acquired new technology and IP as part of our strategic plans. We had a record year for new business awards with an increase of 16% year-over-year. We are building backlog and staying on course towards our long-term strategic growth objectives."
The company says management expects full year sales to grow 2 to 5 percent in 2016.