Better quarterly results for PSC.

Byline: SHERRI BURI McDONALD The Register-Guard

PSC Inc., a Portland-based bar-code scanner maker with manufacturing operations in west Eugene, said its first-quarter financial results show that it's making progress with restructuring efforts.

The company reported a loss of $1.25 million, or 10 cents per share, on sales of $42.76 million for the quarter ended March 29. That compares with a loss of $4.44 million, or 36 cents per share, on sales of $50.47 million for the first quarter last year. (The $50.47 million included sales from businesses that PSC has since sold.)

PSC also said it is working closely with investors and its banks to secure $45 million to $60 million to help pay down the company's debt and refinance the remaining debt. The company has been paying about $4 million in interest a quarter on debts of $120.7 million. A big part of the debt stems from PSC's purchase of Percon Inc., a Eugene-based scanner manufacturer, for $58 million in January 2000.

"We're pleased with the level of interest shown by equity investors," president and CEO Edward Borey said Wednesday, adding that he hopes a formal agreement will be reached by the end of June.

In the past year, PSC has radically restructured to cut costs and boost efficiency.

The company sold several non-core business units and closed its headquarters near Rochester, N.Y. PSC moved its headquarters to Portland and consolidated its manufacturing operations at the Eugene plant, which now employs 565 regular, full-time workers and 36 temporary workers.

PSC said its financial picture is improving, especially on a quarter-to-quarter basis. Sales from ongoing business increased 1.9 percent to $42.76 million in the first quarter of 2002, compared with sales of $42 million in the fourth quarter of 2001.

"We intend to continue to make steady improvements in our performance during 2002," Borey said.