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PT’s stock hit an all-time low Friday morning. The drop came after the company reported its third-quarter results on Thursday after the market closed.
Shares of PT, officially Performance Technologies Inc. (NasdaqGM: PTIX), were trading as low as 97 cents on Friday, down 14 percent, or 16 cents, from Thursday’s close. It marks the lowest price PT’s stock has hit since the company went public in 1996. The stock’s previous low was $1.02, which it hit in early August.
For the third quarter, PT reported a net loss of $1.7 million, or 15 cents a share, compared with a net loss of $86,000, or a penny a share, a year ago.
The company said the results included several onetime expenses, including restructuring charges and amortization. Without the expenses, PT said it would have had a net loss of $1.3 million, or 12 cents a share, for the quarter.
PT logged revenues of $4.7 million, down from $9 million in 2011. The company’s total operating expenses were down to $3.4 million, compared with $4.6 million a year ago.
As of Sept. 30, the company said it had cash and cash equivalents of $6.9 million, down from $9.6 million a year ago. Its total current assets amounted to $22.7 million, compared to $24.7 million in 2011.
Last week, PT announced plans to restructure its operations and reduce its workforce by 10 percent, or 14 employees.
“We are extremely dissatisfied with our third-quarter results,” said John Slusser, president and CEO, in a statement. “Based upon the feedback received and ongoing global economic climate uncertainty, we have concluded that our quarterly revenue run rates will likely not return to the first quarter 2012 level in the near term. Given this circumstance, we implemented a program to bring our operations more in line with anticipated business opportunities.”
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