$14.3-Million Loss Expected at San Diego's Wavetek

San Diego-based Wavetek on Wednesday said it expects to report a net loss of about $14.3 million for the year ended Sept. 30. Earnings in the prior year totaled $1.4 million, which was down 70% from fiscal 1983.

Sales are expected to reach $75.3 million, down 7.6%.

The loss has been predicted by Wavetek officials all year as the company, which makes electronic test and measurement equipment, attempts to regroup in the midst of sluggish government orders and the slowdown in the cable-television industry.

Wavetek said its fourth-quarter loss will be about $12.8 million. In the quarter, Wavetek sold, at a loss, its two-way, land mobile communications test equipment product line and its TV test equipment product line. In addition, the company wrote down inventory deemed obsolete and reduced its work force by 15%.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World