BEAVERTON, OR – Merix Corp. reported a fourth-quarter net loss of $8.4 million, compared to a net loss of $3.5 million last year.
 
The loss included $3.6 million of non-recurring expenses: $1.1 million in cash severance payments from March layoffs; $1.6 million related to securities litigation; and $900,000 in non-cash impairment charges.

For the quarter ended May 30, sales fell 33% from last year to $58.9 million. Despite a 3% drop in sales sequentially, Michael Burger, president and CEO, believes demand “is at or near the bottom of this economic cycle.”
 
Gross margins increased sequentially, averaging 8.5% for the quarter, on cost-saving measures implemented at the beginning of the year and operational improvements. Borrowing remained at $78 million, unchanged from the February quarter.
 
For the fiscal year, net loss rose to $49.26 million, compared to $25.55 million last year. Net sales fell 24% to $287.13 million.
Submit to FacebookSubmit to Google PlusSubmit to TwitterSubmit to LinkedInPrint Article