Helionetics Blames Loss on Tri-Lite

Helionetics Inc. on Tuesday reported a $3.9-million third-quarter loss, or 14 cents a share, on revenue of $16.5 million.

The Irvine company blamed the poor performance on losses incurred by its Tri-Lite Inc. unit, of which it owns 56%, and said that it is now searching for a buyer for its $7-million stake in Tri-Lite.

Tri-Lite’s losses for the quarter ending Sept. 30, were $1.9 million, or 37 cents a share, on revenue of $7.5 million.

“The loss was essentially a Tri-Lite loss,” said Helionetics Chairman Bernard B. Katz. “Helionetics is in excellent financial health with a strong balance sheet and realistic prospects of strengthening it in the near future.”

Tri-Lite President Alvin Katz, Bernard Katz’s brother, insisted that the losses were the result of a one-time $1.2-million marketing charge, but that the Irvine-based lighting equipment manufacturer’s expected fourth-quarter billings would put the company back in the black.

Helionetics also said that it is moving forward with plans to take another division public by the end of the year. Aim Technology Inc., in which Helionetics has an approximate 60% ownership stake, manufactures equipment to make buildings more energy efficient.

Helionetics stock has not traded on the American Stock Exchange since Monday when it closed at a 52-week low of $1.63.

Trading in company shares was halted Monday after both companies filed quarterly reports. According to Katz, American Stock Exchange officials questioned company officers about the terms of a sale that was transacted during the quarter. Trading is expected to resume today.