(1888PressRelease) May 30, 2009
- Based on preliminary information, revenue for the first quarter of fiscal 2009 exceeded the upper end of the previously stated guidance of $110 million for the first quarter of 2009, but represented a decline from revenue for the first quarter of 2008 of $125.6 million. The Company currently expects that it will report a net loss in the first quarter of 2009.
"We saw market softness across all of our segments driven by adverse macroeconomic conditions and the decline of the Euro," commented Bernard Smith, President and Chief Executive Officer of IMEX.
"We believe our products continue to perform well in relation to our respective markets but the increasingly competitive market is putting significant pressure on our product margins, especially in our optical components business. So far this year, we have implemented measures to reduce losses such as initiating selective layoffs, reducing compensation by 10 percent for directors and certain executives and employees, consolidating our operations, and negotiating cost savings with our suppliers."
IMEX currently estimates that revenue for the second quarter of 2009 will be in the range of $105 million to $125 million, compared to $147.6 million for the second quarter of 2008, and expects to report a net loss.