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TORONTO – For the first quarter 2008, Adeptron Technologies Corp. reported a loss of $616,000, compared to net income of $163,000 for the same period last year.
The loss includes restructuring charges of $350,000 related to employee termination costs.
Sales for the quarter were $9.8 million, down 3.9% year-over-year, the firm said.
"The first quarter 2008 results signify the completion of our major restructuring activities. We enter the second quarter of 2008 with a lower cost structure resulting from the restructuring activities over the past nine months," said F. Michael Marti, president and CEO of Adeptron.
Marti continued, "The company expects to close the $6 million financing with RH Global Technologies Ltd. in the near future. This will further reduce Adeptron's cost structure for the second half of 2008 … Based on current knowledge, we anticipate revenues for the second quarter to exceed those of the first quarter of the year.
"We at Adeptron are excited to soon be officially operating as part of an affiliated group of companies in the EMS sector having annual global revenues approaching $250 million, currently comprising five manufacturing locations worldwide and the intent to grow that number." |
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