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Coretec Sales Up 9.2% YoY

Published: 13 May 2009
 by Staff
TORONTO – Coretec Inc. reported first-quarter sales rose 9.2% from last year to $20.2 million, mainly due to the US/Canadian dollar exchange rate. 
 
Quarter-on-quarter, sales fell 11.4% from $22.8 million, as the electronic industry continues its downturn.
 
For the quarter ended March 31, net loss was $0.9 million, compared to $0.5 million last quarter and $1 million last year.
 
Net loss for the quarter included $0.2 million in severance costs and debt write-offs.
 
The company has focused on acquiring new accounts and programs to offset the slowdown in business activity. It is also in the final stages of consolidating its Toronto facility, further reducing overhead, and is moving forward with cutting direct costs and SG&A at all of its facilities.
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