Merix Corp. swings to wider than expected loss for Q1
Merix Corp. (Nasdaq: MERX) this morning reported it swung to a net loss for its first fiscal quarter of 2008 that was wider than expected.
For the three months ended Sept. 1, the Beaverton, Ore.-based company recorded a net loss from continuing operations of $2.5 million or $0.12 per share, compared with net income of $3.6 million, or $0.17 per share, for the first fiscal quarter of 2007. Merix’s bottom-line results came in wider than the net loss of $0.08 six analysts polled by Thomson Financial were expecting.
The net loss included $0.2 million of severance costs due to the firm’s previously announced Hong Kong closure. The firm said the decline in net income was expected and is primarily due to the normal cyclical slowdown that was experienced in its North American markets
Revenues clocked in at $100.1 million, compared with revenues of $103.0 million for the first quarter last year. The consensus of five analysts polled by Thomson Financial was for revenues of $98.74 million.
Shares of Merix (MERX) were halted in pre-market trading.
