ESS Technology trims 4Q loss |
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Thu, 01 Mar 2007 00:26
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FREMONT, Calif. (AP) - Image sensor chip developer ESS Technology Inc. said Wednesday it posted a narrower fourth-quarter loss, versus the prior-year period which was hurt by hefty charges.The company posted a loss of $10.4 million, or 28 cents per share, compared with a loss of $52.8 million, or $1.33 per share, a year earlier.The 2005 results included $42.7 million in impairment of goodwill and intangibles. The most recent quarter's results include a $3 million write-down in non-operating income of an investment the company made in 2003 and 2004.Excluding the write-down, amortization of intangible assets, goodwill and intangibles impairment and stock options costs, ESS Technology said its adjusted loss totaled $7.3 million, or 19 cents per share.Sales plunged 52 percent to $21.3 million from $44.1 million.Analysts, on average, were expecting a loss of 29 cents per share on sales of $18.3 million, according to a poll by Thomson Financial.For the full year, ESS posted a loss of $44.1 million, or $1.14 per share, compared with a loss of $99.6 million, or $2.50 per share, a year earlier.Sales totaled $100.5 million, down from $181.9 million.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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