Q4 swings to loss for PT as revenues drops

 - 2/22/2013 2:25:35 PM

PT continued its struggles during the fourth quarter as the company posted a net loss and a sharp decline in revenues.

PT, officially Performance Technologies Inc., reported a net loss of $4 million, or 36 cents a basic share, for the quarter, compared with a net income of $500,000, or 4 cents a diluted share, during the same period a year ago.

The most recent quarter included an array of special charges, including restructuring costs, totaling 34 cents a share. The quarter a year ago included charges totaling 6 cents a share.

Revenues fell to $5.3 million from $9.1 million in the fourth quarter 2011.

For full-year 2012, PT posted a net loss of $7.1 million, or 64 cents per basic share, compared to a net loss of $1.2 million, or 10 cents a basic share in 2011. The company said the 2012 loss included special charges and expenses totaling 43 cents share; that compares with charges of 6 cents a share in 2011.

Revenues for the year totaled $23.3 million, down from $36.2 million in 2011.

In January, PT announced plans to restructure its business focus by eliminating unsuccessful product lines and reducing its workforce. The company said it expects the savings from its restructuring moves to reduce its break-even expense level by more than $2 million a year.

“While our fourth-quarter revenues and net loss are disappointing, we are confident that we have taken the necessary measures, both in the fourth quarter and since, to stabilize the company’s operations and place us firmly on the path to profitability,” said John Slusser, president and CEO, in a statement. “These measures were based upon focusing our efforts on high-value add, strong-margin products that provide the best prospects for revenue growth as global economic conditions improve.”

PT reported its fourth-quarter results Thursday afternoon after the market closed. Shares of PT (NasdaqGM: PTIX), closed at 98 cents Thursday, up 5 cents from Wednesday’s close. The stock was unchanged midday Friday.

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