Cerplex Ends Third Quarter With Loss
Costs of a previously announced plan to discontinue certain operations pushed Cerplex Group Inc. into a third-quarter loss of $25 million, or $1.74 a share, compared to a year-earlier profit of $1.15 million, or 8 cents a share, the electronic equipment repair company said.
Revenue from continuing operations for the three months ended Sept. 30 was $35.4 million, up 33% from $26.5 million in 1994’s third quarter.
For the first the nine months, Cerplex reported a net loss of $23.9 million, or $1.66 a share, compared with a profit of $3.2 million or 25 cents a share, a year ago. Revenue rose 67.5% to $101.9 million from $60.8 million.
Company officials said a write-off of nearly $11 million owed Cerplex by a customer that filed for bankruptcy accounted for most of the third-quarter’s loss from continuing operations.