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Wednesday, Apr 24, 2024

Laser firm filing late with SEC

QPC Lasers, Inc. notified the U.S. Securities and Exchange Commission on Monday that it would file late its second quarter financial statement. In its notification, the Sylmar-based developer of high power semiconductor lasers said that additional time was needed to file the required report. In a press release, however, the company announced that commercial sales and government contract contributed to a 61 percent increase in revenues in the first six months of its fiscal year. Revenues were $842,000 for the first six months, as compared to $523,000 for the first six months of 2005. The company also announced that it had a net loss of $6.2 million for that six month period. The company did not provide figures of how that number compared with the first six months of 2005. During the second quarter of 2006, the company won contracts totaling approximately $4.6 million, from which $2.3 million of revenue is expected in the next 12 months. Based on the QPC’s total backlog, revenue for the calendar year 2006 is expected to be in the range of $2 million to $2 million. “Our healthy backlog combined with the expected release of new products in the coming months, position us well for growth in sales in the second half of the year,” QPC Chief Financial Officer George Lintz said.

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