Increased funding for research and development for its third generation laser products contributed to QPC Lasers Inc. reporting a net loss for its first quarter. A charge-off on money owed by an international medical customer that filed for bankruptcy added to a tough quarter for the Sylmar-based manufacturer. Still, the company boosted its sales and marketing teams to expand its international distribution channels and meet growing customer demands, said Chairman and CEO Jeffrey Ungar. For the quarter ending March 31, QPC reported a net loss of $9.1 million, or $0.24 per diluted share, on revenues of $1.6 million. For the same period in 2007, the company had a net loss of $2.4 million, or $0.06 per diluted share, on revenues of $1.4 million. In the first quarter, QPC received two new patents; shipped a high power laser to a U.S. Department of Defense customer; and participated in the founding of 3D@Home Consortium along with The Walt Disney Co., Samsung, and Philips. Shares in QPC closed at $0.72.
QPC Widens Net Loss In Q1