PT continued its return to profitability during the first quarter.
The company, officially Performance Technologies Inc. (NasdaqGM: PTIX), posted a net income of $300,000, or 3 cents a diluted share, for the quarter, compared with a net loss of $1.1 million, or 10 cents a basic share, a year ago.
PT logged revenue of $8.4 million, down from $9.7 during the first quarter 2011. As of March 31, the company said it had a working capital position of $19.6 million, which included cash and investments of $15.5 million, and no long-term debt.
Adjusted earnings, reflecting various items, amounted to 6 cents a share in the first quarter compared with a loss of 3 cents a share a year ago.
“We are very pleased to report GAAP profitability for the second consecutive quarter,” said John Slusser, president and CEO, in a statement. “As we look forward throughout 2012 and beyond, we believe our strategic plan to further leverage our substantial technology assets and expertise, specifically as applied to next-generation network solutions, directly targets evolving market trends that offer meaningful long-term growth opportunities for our company”
Shares of PT stock (NasdaqGM: PTIX) were trading early-afternoon at $2 each, down 13 percent. The company reported its results after the market closed Tuesday. PT’s stock has not closed under $2 since late February.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
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