Shares of PT were trading at 79 cents on Friday morning, unchanged from Thursday’s close, when the company announced it has refined its business model and will reduce further its workforce to cut costs.
In November, PT, officially Performance Technologies Inc. (NasdaqGM: PTIX), said it planned to “refocus its resources on initiatives that are more closely aligned with the company’s near-term objectives and market potential.”
PT said Thursday it will concentrate on two product families, transitioning away from other product portfolio elements. Those two product families are its SEGway signaling systems and router in the telecommunications space, and its IPnexus multiprotocol products in the government infrastructure space.
The company said it has seen solid traction in both product families.
PT also said it plans to cut its workforce by 8 percent, or 10 employees. This comes after the company said it planned to cut 14 employees in November.
The moves follow a string or diminished results for PT. The company’s net loss surged during the third-quarter last year to $1.7 million, or 15 cents a share, compared with a net loss of just $86,000, or a penny a share, a year earlier.
In late December, PT was notified by the Nasdaq Stock Market LLC that it no longer meets Nasdaq’s continued listing requirement because the company’s common stock had traded below $1 a share for 30 consecutive days.
PT has until June 24 to regain compliance, which means having a closing bid price of the common stuck that equals or exceeds $1 a share for at least 10 consecutive days.
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