The company has reported net sales of $58.1 million for the third quarter of 2008, a decrease of 2.4% compared to net sales of $59.5 million in the same period of 2007.
The company reported net loss of $5.5 million, or $0.09 per share for the first nine months of 2008, compared with net income of $4.05 million, or $0.06 per diluted share for the same period of 2007. The company has reported net sales of $212.92 million for the first nine months of 2008, compared to net sales of $162.98 million in the same period of 2007.
Gilles Delfassy, chairman and interim CEO, said: When we weren’t able to meet some of our customers’ increased demand during the past several quarters, they looked for other sources of supply. In addition, we missed the lower end of our revenue guidance due to a combination of rescheduled backlog orders reflecting the weaker economic environment, and internal execution issues.
