San Diego-based Maxwell Laboratories on Thursday reported...
San Diego-based Maxwell Laboratories on Thursday reported that charges linked to previously announced layoffs and to an ongoing restructuring of the company will result in a net loss of at least $5.3 million for the fourth quarter ended July 31.
Maxwell, which laid off 63 employees in mid-July as part of a restructuring, said the non-recurring charges would total about $8.2 million. For the full year, Maxwell expects its net loss to total at least $3.8 million.
In a prepared statement, Chairman Alan Kolb noted that future charges against earnings might be required, given “declining defense budgets, worldwide recessionary conditions, other delays and program stretchouts.”
The loss reduced the book value of Maxwell to about $15.20 per share, down from $16.80 on July 31, 1991. Maxwell shares were unchanged at $10 on Thursday in over-the-counter trading.
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