Sym-Tek Systems reported a $1.3-million net loss...

Sym-Tek Systems reported a $1.3-million net loss and revenue that remained flat at $6.8 million for the third quarter ended Dec. 31. The company reported a $245,000 net profit for the third quarter a year ago.

The company reported a $1.6-million net loss for the nine-month period ended Dec. 31, compared with a $732,000 net profit for the same nine-month period a year ago. Revenue fell to $17.9 million for the nine-month period, down from $18.7 million a year earlier.

Sym-Tek’s quarterly loss included a $2.7-million inventory write-down, according to President Ray Twigg.

In filings with the Securities and Exchange Commission, Sym-Tek disclosed that operating results for the first three quarters “probably were misstated” because of the inventory write-down.

The write-down was taken after an internal study “indicated the costs of our newer-generation machines have been running higher than we anticipated,” Twigg said. “Consequently, we were not relieving enough from inventory each quarter as the machines were shipped.”

“We have taken the necessary steps to properly reflect inventory and assure that a similar situation will not recur,” Twigg said.