Helionetics Posts 3rd-Quarter Loss, Drop in Revenue

Helionetics Inc., a manufacturer of power equipment and computer display components, reported Wednesday that it had lower revenue and a loss for the third quarter.

The company said it lost $916,000, or 9 cents a share, for the three months that ended Sept. 30. That contrasted with a profit of $1.2 million, or 11 cents a share, for the same period a year earlier. The results are unaudited.

Revenue for the quarter was down 16% to $2.1 million from $2.5 million a year earlier. Helionetics President E. Maxwell Malone blamed a lack of working capital for the decline.

For the first nine months of 1992, Helionetics reported a profit of $1.2 million, or 10 cents a share, compared to a profit of $2.2 million, or 35 cents a share, for the same period a year earlier. Nine-month revenue was $10.2 million, up 36% from $7.5 million.

Shares outstanding increased to 10.1 million on Sept. 30 from 5.6 million a year earlier as shareholders exercised stock options.

In March, Helionetics executives projected revenue of $35 million for 1992. They have revised that number downward several times. Malone said Wednesday that the company now expects 1992 revenue to total $15 million.