TAITRON REPORTS $1.3 MILLION NET LOSS.Byline: Daily News VALENCIA - Taitron Components Inc. of Valencia reported this past week a net loss of $1.3 million in 2001 and a decline in sales of nearly 50 percent. The company, which manufactures semiconductors, reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $16.7 million for 2001 compared to $32.9 million a year earlier. Taitron reported a net loss 22 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Net sales for the fourth quarter were $3.3 million compared to $7.1 million a year earlier. The company, based in the Valencia Industrial Center, also reported a net loss for the same period of $509,000 or 9 cents per share. Stewart Wang, president and chief executive officer, blamed the nation's economic slump. ``The drastic decline in revenues in 2001 was primarily attributable to the overall economic slowdown, which caused a decline in demand for discrete semiconductors,'' Wang said in a statement. ``As such, our top line suffered greatly. We have taken significant steps to reduce inventory and decrease costs in order to get closer to our break-even point break-even point - In the process of implementing a new computer language, the point at which the language is sufficiently effective that one can implement the language in itself. .'' But Wang was optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op . The company's financial position, he said, will allow Taitron to withstand the shaky economy. ``Currently, we believe that the decline in our business has now stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. ,'' he said. ``We have seen more positive signs of increased business activity during the first quarter of 2002 and are expecting to show improvements.'' Taitron also announced this past week that because of the market value of its publicly held shares, the company has received notice that it is not in compliance with the Nasdaq National Market listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. . Nasdaq gave Taitron through May 15 to regain compliance. If Taitron is not in compliance with by then, the company's stock could be removed from the listing. Taitron could appeal any such decision. Nasdaq also would allow Taitron to transfer its securities to The Nasdaq SmallCap Market before May 15. Taitron is monitoring its ability to regain compliance with listing requirements. Taitron distributes a wide variety of transistors, diodes and other discrete semiconductors, optoelectronic Refers to devices that function due to the interaction of light and electronics. For example, an electronic signal is the input to a laser diode, which generates light pulses that are transmitted through an optical fiber. devices and passive components used by manufacturers. |
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