Tii Network Technologies, a developer of network products for the communications industry, has posted a net loss of $232,000, or $0.02 per diluted share, for the first quarter ended March 31, 2009, compared to a net income of $151,000, or $0.01 per diluted share, for the same period in 2008.
Net sales for the three months ended March 31, 2009 were $5.75m, compared to $8.85m for the same period of 2008, a decrease of 35%.
Operating loss for the three months ended March 31, 2009 was $196,000, compared to operating income of $223,000 in the comparable prior year period, a decrease of $419,000.
Kenneth Paladino, president and CEO of Tii Network, said: The effect of the economic recession continued to negatively impact our sales levels in the first quarter resulting in a loss for the quarter. Despite this loss, our financial position continued to improve due to our ongoing operating expense reductions of more than $700,000 from the prior year quarter. Our balance sheet remains strong, with cash increasing from January 1, 2009 by $1.3m to $9.5m at March 31, 2009.