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Remec Reports $90.8M Net Loss for Year

Remec Inc., a San Diego maker of equipment for wireless communication systems, reported a net loss of $90.8 million for its fiscal year ended Jan. 31 on revenues of $423.9 million. That compared to a net loss of $49.4 million on revenues of $351.9 million for the prior fiscal year.

For Remec’s fourth quarter, it reported a net loss of $3.7 million on revenues of $103.7 million, compared to a net loss of $34.6 million on revenues of $103.4 million for the fourth quarter of the prior fiscal year.

Remec has been in a consolidation mode for the past several years, and earlier this year signed a definitive agreement to sell its defense and space unit to Chelton Microwave Crop., part of Chelton, Ltd., a British corporation for $260 million.

In March, it agreed to sell parts of its wireless systems business to Powerwave Technologies Inc., a Santa Ana firm for $118 million in stock and cash.

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Remec’s financials were released after the close of the market on April 14, and finished trading at $5.35, down a penny, giving it a market capitalization of $332 million.

Mike Allen

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