Innovex Q2 Sales Drop 35%
Published: 08 May 2009
by Staff
The company cites a drop in demand for Flat Panel Display (FPD) and Actuator Flex Circuit (AFC) products that started early in the quarter and continued through the Chinese New Year holidays, as well as a shortage in materials in March.
For the quarter ended April 4, Innovex reported a net loss of $6.5 million, compared to a first-quarter net loss of $4.7 million. This included an asset impairment charge of $700,000.
The slowdown that started in November continued into the second quarter, and demand was still weak in January and February. It did improve later in the quarter, according to Terry Dauenhauer, president and CEO.
For future fiscal quarters, the company plans to continue improving operational efficiency and cost, as well as revenue.
