StockerYale posts 2Q loss

StockerYale Inc. lost $2.15 million last quarter, slightly more than twice the amount it lost in the same quarter of the previous year, the company reported on Wednesday.

The Salem-based provider of photonics-based products sustained the loss despite a 53 percent increase in revenues to $7 million.

That translates into a loss of 6 cents a share, up from 4 cents from the same quarter the previous year.

Part of the reason for the red ink is a continual increase in expenses. The company pointed to a small increase in research and development expenses of more than $100,000, and there was a $700,000 increase in sales, general and administration expenses.

The cash-strapped company, which has had to repeatedly finance for operating capital, also posted more than $500,000 in amortization of dept discount and financing costs, a $300,000 increase from last year.

All in all, operating expenses increased 41 percent year over year to $3.6 million.

However, there were strong bookings and backlog, particularly in the medical and defense fields. “We continue to experience significant new product acceptance during the second quarter,” chief executive Mark Blodgett said. – BOB SANDERS

Categories: News