Alyn Corp.: The Irvine manufacturer of advanced...

Alyn Corp.: The Irvine manufacturer of advanced composite materials said it lost $2.3 million, or 23 cents a share, in 1996, compared with a loss of $322,000, or 4 cents a share, in 1995. The start-up company, which raised $33.5 million with its initial public offering in October, said revenue for the year fell 39% to $194,000 from $319,000.

For the fourth quarter, Alyn lost $1 million, or 10 cents a share, versus a loss of $98,000, or 1 cent a share, in the last three months of 1995. Revenue fell to $36,000 from $91,000.

Company officials said the 1996 performance was anticipated because of the costs involved in focusing efforts on the manufacturing and marketing of a new proprietary material and halting sales of other products.