Odetics Reports Quarterly Loss of $591,000, Its Largest Ever

Odetics Inc. reported a loss of $591,000, its largest quarterly loss ever, for its fiscal first quarter ended June 30.

The loss, 13 cents a share, contrasts with a net income of $206,000, or 5 cents a share, for the period the previous year. Revenue increased 1.5% to $16.2 million from $15.9 million a year earlier.

Tom Jeungel, vice president of finance, said the loss occurred because the company continued to spend for research and development despite the recession. He said research costs were $1.4 million for the quarter, up from $1 million the year before.