Pulse Electronics Reports Net Loss of $5.2M for Q2Friday, August 9, 2013
Pulse Electronics Corp., a San Diego-based maker of electronic components, reported a second-quarter net loss of $5.2million on sales of $88.3 million.
That compared with a net loss of $6.4 million on sales of $100.4 million in the like quarter of 2012.
Pulse (NYSE: PULS) said the lower sales were in line with ongoing industry trends and lower demand for wireless products for smartphone programs the company participates in.
On an operating basis, Pulse reported an operating profit of $1.6 million compared with a loss of $100,000 in the prior year’s second quarter.
The company said it launched an expense reduction program that is expected to reduce operating expenses by about $6 million on an annualized basis by the end of the first quarter of 2014. Pulse anticipates incurring cash severance and restructuring costs associated with the program that are expected to be less than one third of the savings rate, or $2 million.
Pulse’s shares, which recently regained compliance to remain on the New York Stock Exchange, fell $1.21 on Aug. 7 trading to $4.44, giving the company a market capitalization of $35 million. Shares have ranged from $2.10 to $17.50 during the past 52 weeks.