PT’s stock plunged 25 percent Friday morning after the company posted a net loss and revenue decline in the second quarter.
The company, officially Performance Technologies Inc. (NasdaqGM: PTIX), reported a net loss of $1.4 million, or 12 cents a basic share, during the quarter, compared with net income of $30,000 a year ago. The company logged revenues of $5 million, down from $8.5 million in the 2011 period.
“We are obviously very disappointed with these results following two profitable quarters,” said John Slusser, president and CEO, in a statement. “As experienced by almost all of our peers and channel partners in the network communications marketplace, capital expenditures for telecom and government network infrastructure significantly declined in the second quarter. Our second-quarter revenues were further impacted by significantly lower shipments to our traditionally largest customer.”
Slusser added that PT would be reassessing its business expectations during the next quarter. The company said as of June 30 it had cash and investments of $16 million, and working capital of $18 million with no long-term debt.
Shares of PT stock were trading midday Thursday at $1.44, down 46 cents, and at a new 52-week low. The company reported its results after the market closed Thursday.
(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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