Westell Technologies Inc. (WSTL: Quote) Wednesday reported a loss for the fourth quarter, due mainly to lower revenues. Last year's profit included a huge income tax benefit.
The Aurora, Illinois-based company's fourth-quarter net loss was $2.45 million or $0.04 per share, compared to a net profit of $55.63 million or $0.79 per share last year. Last year's profit included an income tax benefit of $52.86 million.
Loss from continuing operations for the quarter was $2.84 million or $0.04 per share, compared to a income of $54.17 million or $0.77 last year.
For the quarter, the company reported an adjusted net loss of $511 thousand or $0.01 per share, compared to an adjusted net profit of $2.46 million or $0.03 per share in the prior-year quarter.
Total revenues for the quarter plunged to $11.33 million from $38.45 million in the prior-year quarter.
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by RTT Staff Writer
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