82.1 F
San Fernando
Saturday, Jun 3, 2023
Array

Earnings Roundup: Trio-Tech, Qualstar

Trio-Tech International reported on Thursday a net loss on flat revenue for the fiscal first quarter. The Van Nuys makes of equipment for the semiconductor and oil and gas industry reported a net loss of $17,000 (-1 cent a share) for the quarter ended Sept. 30, compared with a loss $17,000 (-1 cent) for the same period a year earlier. Revenue fell 0.8 percent to $9.5 million. The company attributed the loss to expenses related to stock options that otherwise would have resulted in net income of $97,000 (3 cents). Shares closed up 3 cents, or less than 1 percent, to $3.36 on the New York Stock Exchange. Also reporting a loss for its fiscal first quarter was Qualstar Corp. The Simi Valley tape storage and power supply products manufacturer reported a loss of $2.5 million (-21 cents a share) for the quarter ended Sept. 30 compared with a loss of $1.9 million (-16 cents) in the same period a year earlier. Revenue decreased 36.5 percent to $2.2 million. Chief Executive Steve Bronson said Qualstar is going through a transition period, reducing employees and restructuring, that will result in 40 percent lower operating costs. The company is moving toward terminating its outsourced manufacturing contract with CTS Electronics Manufacturing Solutions in Moorpark and bring those operations in-house, he said. Bronson became head of Qualstar in July following his successful takeover bid of the company. Bronson and BKF Capital Group Inc., his Boca Raton, Fla.-based investment firm, are the second largest investors in Qualstar. Shares closed down 24 cents, or more than 18 percent, to $18.46 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles