Micronics' losses grow
Micronics revises its year-end financial statement to post a wider-than-expected loss.
The troubled system boards and multimedia peripherals maker said its net loss reached $13.3 million, or 96 cents a share, compared with its earlier-stated $12.8 million, or 92 cents, net loss for the year ending September 30.
The revision was made as the company completed its annual audit and found it had non-cash charges of $523,000 for written-off European assets and additional reserves against accounts receivables and inventory.
The company has been hit with three consecutive quarters of net losses and double-digit declines in revenues. In September, the company said its fourth-quarter earnings would fall below its analysts' estimates.
The company's stock fell five percent on that news, but, surprisingly, made a slight gain after the earnings restatement. Micronics closed at 2 points a share, up 1/8 of a point.