6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
For the nine months ended Sept. 30, 2009, the manufacturer of motion control products incurred a net loss of $12.6 million, compared to profit of $2.6 million for the same nine months last year. The loss includes a pretax asset impairment charge of $16.0 million and inventory adjustments of $600,000 primarily for excess and obsolete inventories recorded in the second quarter of 2009. Sales for the first nine months fell 35% to $44.2 million.
"While the company continues to be adversely affected by the economy, we are encouraged by the third quarter results," said Dick Warzala, president and CEO. "Our cost saving initiatives allowed us to generate a profit even though sales were down 30% from the same quarter of the previous year. As announced last week, in addition to creating positive technology synergies, we expect to realize annual savings in excess of $500,000 through the consolidation of our COPI encoder operation in Chatsworth, Calif., into our Emoteq facility in Tulsa, Okla."