SYM-TEK SYSTEMS INC. REPORTS FIRST QUARTER LOSS
SYM-TEK SYSTEMS INC. REPORTS FIRST QUARTER LOSS SAN DIEGO, Aug. 13 /PRNewswire/ -- Sym-Tek Systems Inc.
(NASDAQ: SYMK) today announced a loss of $1,504,000 ($.97 per share) on sale of $6,709,000 for the first quarter ended June 30, 1992, compared to a loss of $467,000 ($.31 per share) on sales of $10,704,000 for the same quarter of the previous fiscal year, according to Ray Twigg, president.
"We had anticipated a loss of this magnitude and have already started taking actions to return to profitability later this year," Twigg said. Previously, Sym-Tek had announced cost-cutting measures including a reduction in its work force. The first quarter results did not include a transaction announced in July 1992 in which Sym-Tek received $1 million for the sale of its marketing rights to the Advance Memory Handler currently under joint development with Advantest Corp. Also, subsequent to the quarter ended June 30, 1992, a new agreement was reached with Sym-Tek's bank to extend financing through April 1, 1993. Sym-Tek Systems Inc. manufacturers and sells electromechanical handlers that heat or cool integrated circuits to precise temperatures, place them into position for testing and sort them based on test results. The market for the company's products is driven by worldwide capacity increases for semiconductors as well as the continually changing packages that house the integrated circuits. SYM-TEK SYSTEMS INC. Summary of Financial Results For the Period Ending June 30, Three Months 1992 1991 Net sales $6,709,000 $10,704,000 Net loss ($1,504,000) ($467,000) Net loss per share ($0.97) ($0.31) Average shares outstanding 1,546,000 1,495,000 -0- 8/13/92 /CONTACT: Ray Twigg, president of Sym-Tek Systems, 619-674-6800, or Tom Gable of The Gable Group, 619-234-1300, for Sym-Tek/ (SYMK) CO: Sym-Tek Systems Inc. ST: California IN: CPR SU: ERN
JB-LS -- SD002 -- 9488 08/13/92 09:15 EDT
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|Date:||Aug 13, 1992|
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