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Tech Industry

Short Take: Precision Systems announces Q4 net loss

Precision Systems announced a net loss of approximately $29.8 million, or $1.75 per share for its fourth quarter ending August 31, compared with net income of approximately $100,000, or 1 cent a share for the same quarter last year. Revenue increased 35.7 percent to $9.3 million from $6.9 million last year. The loss is due to restructuring which included $23.3 million in non-cash charges and $1.1 million of miscellaneous charges related to severance payments to 60 employees. Excluding the restructuring charges, the company would have reported a net loss of $5 million, or 29 cents a share.

Precision Systems announced a net loss of approximately $29.8 million, or $1.75 per share for its fourth quarter ending August 31, compared with net income of approximately $100,000, or 1 cent a share for the same quarter last year. Revenue increased 35.7 percent to $9.3 million from $6.9 million last year. The loss is due to restructuring which included $23.3 million in non-cash charges and $1.1 million of miscellaneous charges related to severance payments to 60 employees. Excluding the restructuring charges, the company would have reported a net loss of $5 million, or 29 cents a share.