Aerovox anticipates second quarter loss due to increase in company reserves.NORTH DARTMOUTH, Mass.--(BUSINESS WIRE)--July 9, 1996--Aerovox Inc. (Nasdaq/NM:ARVX) announced today that it expects to incur a loss for the second quarter of 1996 due to additions to reserves for warrantee WARRANTEE. One to whom a warranty is made. Touchst. 181. claims and unusable inventories relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its operations in Mexico. Other items that will also be included in the provision will cover severance costs, termination of certain benefit programs and additions to reserves for doubtful accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . The pre-tax provision is expected to be between $3.5 and $5.5 million. Although operating profits for the quarter will be slightly below expectations, the reserve provisions will significantly exceed such earnings. Aerovox Inc. is a leading manufacturer of film, paper and aluminum electrolytic e·lec·tro·lyt·ic adj. 1. Of or relating to electrolysis. 2. Produced by electrolysis. 3. Of or relating to electrolytes. e·lec capacitors. The company sells its products worldwide, principally to original equipment manufacturers (OEMs) as components in electrical and electronic equipment. The company's manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. are located in New Bedford, Mass.; Huntsville, Ala.; Weymouth, England; and Juarez, Mexico. CONTACT: Aerovox Inc. 508/995-8000 |
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