Earnings fall again for PSC; company loses $1 million.Byline: SHERRI BURI BURI Bastyr University Research Institute (Washington) McDONALD The Register-Guard PSC (Public Service Commission) Same as PUC. Inc., the Portland-based bar-code scanner maker with about 600 employees in Eugene, continues to struggle financially, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its earnings report for the three months ended June 30. Sales for the quarter fell to $42 million, down 20 percent from the same quarter last year. PSC reported a $1 million loss for the latest quarter, compared with a $6.5 million loss in the second quarter of last year. PSC's share price dropped nearly in half on PSC's announcement, closing at 19 cents, down 16 cents. For the six months ended June, 30, the company has reported a loss of $2.3 million on sales of $85 million. PSC has radically reorganized its business in the past two years. It sold several divisions, moved its headquarters from upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. to Portland and implemented several rounds of layoffs. The company last week announced that it will eliminate 40 jobs by the end of September, including 25 in west Eugene. Excluding those restructuring costs from its quarterly financial figures, PSC reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $1.7 million for the three months ended June 30 and $3.3 million for the six months ended June 30. Heavy debt also continues to weigh the company down. PSC reported interest expense of $3 million in the three months ended June 30 and $7.1 million in the six months ended June 30. In addition, PSC faces other challenges. PSC is trying to attract new capital to reduce debt and boost its working capital. Company officials say they are optimistic that PSC can recapitalize soon, but caution that "there can be no assurance that such a transaction will be consummated." Last month, the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. Inc. informed PSC that it no longer meets the asset size or stockholder equity requirements for its shares to trade on the Nasdaq SmallCap market. PSC appealed the delisting, but recently decided to drop its appeal, PSC announced Tuesday. By early next week, PSC shares will trade "over the counter," on a telephone and computer network system supervised by the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. . "The delisting actions will have no impact on any recapitalization transactions that are under discussion," said Edward Borey, PSC president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Trade in PSC shares was exceptionally heavy Tuesday, with 2.9 million shares trading hands, including 2.35 million in a single trade at 18 cents a share. PSC has a total of 12.8 million shares outstanding. |
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