Monday, Nam Tai Electronics Inc. (NTE) reported a fourth quarter net loss compared to a profit in the year-ago period primarily due to lower sales and goodwill impairment loss. The company also suspended dividend for the fiscal year 2008.
The Macao-based company reported a fourth quarter net loss of $14.45 million or $0.32 per share compared to a profit of $9.61 million or $0.21 per share in the corresponding quarter last year.
Excluding items, non-GAAP net income for the quarter decreased to $3.5 million or $0.08 per share from $11.2 million or $0.25 per share in the corresponding period last year.
Net sales for the quarter decreased to $169.02 million from $186.94 million in the comparable period last year.
Costs and expenses for the quarter increased to $29.10 million from $13.36 million in the similar period last year.
The company had a goodwill impairment loss of $17.35 million for the quarter compared to none in the prior-year similar period.
For the fiscal year 2008, net income decreased to $30.64 million or $0.68 per share from $69.50 million or $1.55 per share in the similar period last year.
Excluding items, non-GAAP net income for the full year 2008 declined to $26.6 million or $0.59 per share from $43.1 million or $0.96 per share in the comparable period of fiscal year 2007.
Net sales for the fiscal year 2008 decreased to $622.85 million from $780.82 million in the corresponding period last year.
The company reduced headcount by 27%, from 9,700 at the end of the third quarter of 2008 to 7,100, at the end of the fourth quarter of 2008.
Nam Tai Electronics also suspended dividend for the year 2008 to maintain cash reserves.
Nam Tai Electronics is currently trading at $4.83, down $0.82 or 14.51% on a volume of 385,167 shares on the NYSE.
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