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Merix Announces Q1 2009 Results |
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Written by Margo Lakin
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Wednesday, 08 October 2008 |
BEAVERTON, OR– Merix Corporation has announced its consolidated financial results for the first quarter of fiscal 2009. A net loss of $2.1 million ($0.10 per diluted share on revenue of $90.6) was reported. 2008 figures showed a $3.6 million net loss (or $0.17 per diluted share on revenue of $99.4 million).
There was a 9% decline in first-quarter revenue, but the company sites the March 2008 closure of its Wood Village factory as the reason. The overall gross margin averaged 11.3% of revenue, an improvement over last year’s figures.
The company is happy with the first-quarter improvement and feels the financial results are “within guidance range for the quarter.” Over the last 15 months, Merix has been examining how to improve and restructure in order to deliver value proposition to its global clients.
In addition, the completion of two substantial capital projects did not alter the positive cash flow. Expansion and upgrades at the Huiyang, China, factory have been completed, and the implementation of a global ERP system has been finished.
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