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Merix Corporation Announces Q3 Results
Written by Philip Buonpastore
Wednesday, 09 April 2008
BEAVERTON, OR - Merix Corporation has announced its consolidated financial results for the third quarter of 2008 ending March 1st.
The Company reported a loss of $12.5 million on revenue of $94.3 million for the third quarter of fiscal 2008, which compares to income of $1.8 million on revenue of $100.3 million for Q3 of 2007. Included in these losses was $1.7 million of costs associated with the closures of the Hong Kong and Wood Village facilities, and $12.9 million of fixed asset impairment charges in the Wood Village closure.
Commenting on the quarter's performance, Michael Burger, President and CEO stated, "We met the financial performance targets set at the beginning of the quarter, although our financial performance remains well below acceptable levels."
Third quarter fiscal 2008 revenue declined 6% when compared to the third quarter of fiscal 2007. The company reported that the decline was primarily a result of slowdowns that have occurred in the North American market over the last 12 months. Sequentially, third quarter revenue declined 3% when compared to the second quarter of fiscal 2008. North American quarterly revenue declined 8% on a sequential basis to $48.6 million, while Asian revenues grew 3% to $45.6 million.
"Asia's profitability has improved in each of the last three quarters," commented Burger. "The expected and continued steady improvement is a validation of the strategy we put in place one year ago, and…we remain optimistic regarding the continued improvement in this region during the coming quarters."
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