Wednesday, ACS Motion Control Ltd. (ACSEF), a manufacturer of motion control products, announced first quarter financial results, reporting a loss, reversing a profit in the year-ago quarter on higher expenses.
The Migdal Ha'Emek, Israel-based company’s first quarter net loss was US$577 thousand or US$0.18 per share, compared to a net income of US$68 thousand or US$0.02 per share in the prior year quarter.
Total revenues for the quarter declined to US$2.20 million from US$2.42 million last year.
Gross profit was US$988 thousand, down from US$1.25 million in the same quarter of the previous year.
Total operating costs grew to US$1.65 million from US$1.23 million in the comparable quarter of the prior year.
ACS Motion Control’s total cash and cash equivalents were US$2.09 million as of March 31, 2008, compared to US$2.66 million as of March 31, 2007.
ACSEF is currently trading at $3.45, down $0.10 or 2.82%, on a volume of 6,210 shares on the Nasdaq.
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