Scanner maker in market for new investors, capital.Byline: CHRISTIAN WIHTOL Register-Guard Business Editor PORTLAND - Executives at scanner (1) See also antivirus program. (2) An optical device that reads a printed page or transparency and converts it into a graphics image for the computer. The scanner does not recognize or differentiate in any manner the content of the material it is scanning. maker PSC (Public Service Commission) Same as PUC. Inc. say they are shopping for investors to provide fresh equity as they try to turn around their financially struggling company. Speaking in PSC's quarterly telephone conference with investors on Thursday, chief executive Edward Borey said he hopes to be able to announce by June that PSC has lined up fresh capital. Borey declined to offer details about who might provide the capital, under what terms it might be provided, or what impact it would have on the value of existing shares. PSC has hired Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution , a unit of US Bancorp, to help find new investors and has so far talked to about 75 equity investors, Borey said. PSC began the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. effort in September, he said. PSC won't announce details until it has a firm investment agreement, Borey said. "We have some distance to go to get to a definitive agreement," he added. PSC's main manufacturing facility is in Eugene, where the company employs about 650 people. Typically, companies seeking new capital issue new shares that are bought by investment houses. Both PSC and its lenders are eager for the company to bring in new capital, Borey said. On Thursday, PSC also announced that its lenders have extended current financing arrangements through Aug. 1. The arrangements had been previously set to end on April 1. As of last September, PSC owed lenders $118 million on a short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. line of credit. The amount of the company's current short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. load was not available Thursday. PSC continues to lose money, but is cutting the magnitude of its losses, Borey said. For the quarter ended Dec. 31, PSC had sales of $42 million, down from $52.5 million in the same quarter a year earlier. Net loss for the latest quarter was $6.7 million, or 52 cents a share, an improvement on the net loss of $43.9 million, or $3.62 per share, in the same quarter a year earlier. PSC is coming out with new products that should boost sales, Borey added. These include an upgraded scanning system for stores, and an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. self-checkout system for use in grocery stores. PSC shares on Thursday rose 8 cents to close at 59 cents in a volume of 60,200 shares. |
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