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Merix Reports Fourth Quarter and Fiscal Year 2004 Results
July 16, 2004 |Estimated reading time: 1 minute
Forest Grove, Ore. — Merix Corp. reported financial results for the quarter and year ended May 29, 2004.
Sales for the quarter increased 97.5 percent to $44.5 million compared to $22.5 million for the fourth quarter of fiscal 2003. The company had a net loss this quarter of $1.6 million, or 8 cents per share, compared to a loss of $20.3 million or $1.39 per share in the same period last year. Excluding the impact of adjustments to a valuation allowance against deferred taxes, the pro-forma loss for the fourth quarter of fiscal 2004 was $1 million, or 5 cents per share compared to a pro forma loss in the fourth quarter of fiscal 2003 of $3.7 million, or 25 cents per share.
Sales for fiscal year 2004 increased 65.4 percent to $156.4 million, compared to $94.6 million for fiscal 2003. The company had net income of $28,000 for fiscal 2004, or 0 cents per share, compared to a net loss of $30.1 million or $2.07 per share for fiscal 2003. Excluding the impact of a pre-tax charge of $2.1 million for restructuring and related activities and a non-cash charge of $16.6 million for a valuation allowance against deferred tax assets in fiscal 2003, the pro-forma net loss for fiscal 2003 was 84 cents per share.
Merix Corp. is a leading manufacturer of technologically advanced, multilayer, rigid printed circuit boards for use in sophisticated electronic equipment. For more information, visit www.merix.com.