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Merix posts loss in quarterPosted by Retirement on: 2005-09-30 07:34:58 in category:
Stocks & Securities [ Print | Permalink / 0 Comment(s) ] but CEO notes improvement Merix Corp. chief executive Mark Hollinger said the company's recent restructuring, which included deep job cuts in the Forest Grove company's local operations, had generated positive financial results more quickly than anticipated, helping deliver better-than-expected results in the first quarter of its 2006 fiscal year. The company still lost money, however. Merix, which makes printed circuit boards, said Thursday that it lost $545,000, or 3 cents a diluted share, in the quarter that ended Aug. 27, compared with a loss of $1.97 million, or 10 cents a diluted share, in the same period last year. Sales of $51.79 million were up 23 percent from $42.13 million in the first quarter of fiscal 2005, but included the acquisition of a printed circuit board maker in San Jose, Calif. Operating expenses in the period included $1.1 million in severance payments to 130 employees laid off since June, as well as an asset impairment charge. Merix also announced the completion of its purchase of Eastern Pacific Circuits Limited, a Chinese manufacturer of printed circuit boards. The deal gives Merix a long-desired footprint in fast-growing Asian markets. Eastern Pacific is a low-cost, high-volume producer of circuit boards for automotive, communications and computer products. It has four manufacturing plants in southern China and one in Hong Kong. With the addition of Eastern Pacific, Merix expects second-quarter sales between $60 million and $62 million, with earnings before interest taxes depreciation and amortization between $3.9 million and $4.6 million. The company finished the quarter with $79 million in cash and short-term investments, and $26 million in long-term debt. Merix released its earnings after the close of trading. Its shares, traded on the Nasdaq Stock Market, closed at $5.20, unchanged. -- Ted Sickinger %%bodybegins%% Homepage Other open community sites http://www.business-business.biz Please support our sponsors: To design your custom retirement plan. http://www.retirement-plan.us For planning IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management- Nationally ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
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