StockerYale loss shrinks
StockerYale posted a net loss of $744,000 in the third quarter, one of the company’s smallest in recent years, the Salem-based photonic products announced on Thursday.
The firm took the loss despite sales of $4.5 million in continuing operations, a 10 percent increase over the same period last year. Without new accounting rules — which require the company to count some $117,000 in stock compensation to its top executives as an expense — the company practically would have broken even with a loss of $86,000.
The loss represents an improvement over the $1.1 million over the third quarter last year.
The company’s pending acquisition of Photonic Products Ltd., a British firm that would double StockerYale’s size is not included in the results, but CEO Mark W. Blodgett said, “We expect the combination of StockerYale and Photonic Products Ltd. to result in a measurable improvement in financial results in the year to come.” – BOB SANDERS