Helionetics Inc.: The Irvine manufacturer of power...
Helionetics Inc.: The Irvine manufacturer of power conditioning systems and other electronic equipment posted a loss of $638,000 for the first quarter, contrasted with earnings of $5.6 million for the comparable year-earlier period.
The 1989 figure included an extraordinary gain of $5.5 million resulting from the company’s reorganization plan. Revenue rose 47% to $2.2 million from $1.5 million.
Vincent P. Williams, president and chief executive, said the earnings loss resulted from insufficient liquidity to purchase certain parts and services needed to assemble and ship products, higher operating expenses and the cost of two acquisitions made during the second quarter of 1989.
The improved revenue resulted from the contributions of the acquired firms.