Smartflex Posts $5.4-Million Quarterly Loss

Electronic manufacturing services company Smartflex Systems Inc. said it lost $5.4 million, or 85 cents a share, for the third quarter, which included $6.5 million in expenses related to a restructuring plan.

For the same period last year, the company posted net income of $1.7 million, or 27 cents a share. Revenue declined 21% to $28 million from $35.6 million.

For the nine months, the company reported a net loss of $4.6 million, or 72 cents a share, contrasted with a profit of $5.3 million, or 82 cents a share, for the corresponding period last year. Revenue fell 13% to $95.3 million from $109.9 million. The company attributed the revenue decline to softness in demand for its high-end hard disk drive business.