TAITRON COMPONENTS DECLARES 50% DROP IN SALES.Byline: Daily News VALENCIA - Taitron Components Inc. of Valencia declared a more than 50 percent drop in second quarter sales, a sign of the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economy's brutal effects on the semiconductor business.
Sales fell to $4.2 million compared with $8.8 million during the second quarter of 2000. The quarter ended June 30. The company also reported a net loss of $364,000, or 6 cents loss per share, for the quarter compared with net income of $549,000 and a 9-cent increase per share. The decline continued Taitron's downward trend. ``The second quarter was much of the same experience as the first quarter,'' Stewart Wang (Wang Laboratories, Inc., Lowell, MA) A computer services and network integration company. Wang was one of the major early contributors to the computing industry from its founder's invention that made core memory possible, to leadership in desktop calculators and word processors. , president and chief executive officer, said in a statement. ``Our customers continue to work down their own inventory balances and have significantly reduced and deferred their purchasing. We believe this reduction is consistent with the overall economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. .'' Wang said the quarterly results actually were helped by a decrease in selling because the decline prompted cost-cutting measures and an inventory reduction program. Despite the decrease in business, the company remains in a strong financial position and completed the quarter with a strong balance sheet, he said. Wang cited more than $19 million in working capital, a ratio of current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. to current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of 2.3 to 1 and almost $26 million in equity. Also, as a sign of confidence, the company continues to buy up its own stock. Under a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, Taitron had bought back about 1.3 million common shares through the end of its second quarter. |
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