Stockeryale posts incremental gains
Stockeryale seems to be moving steadily closer to profitability, but not exactly at laser speed. The Salem provider of photonics-based products reported a quarterly net loss of nearly $1 million for the second quarter of 2006 (or 3 cents per share), but that’s less than half the loss it reported in the same quarter last year. Furthermore, the company continues to post gains in sales.
Revenues from continuing operations for the second quarter of 2006 were $4.6 million, representing a 13 percent comparable increase. Gross profit increased 25 percent, and if it wasn’t for the decline in the U.S. dollar, would have increased 32 percent.
There was, however, still an operating loss of $700,000, thanks partly to increased selling expenses. Also the company had to count stock-based compensation as an expense, and such compensation increased by 16 percent. The total net loss was $974,000 compared to $2,229,000 in the second quarter of 2005.
“The company continues to see a positive impact from its operational improvement initiatives as evidenced by the significant reduction in operating…loss this year,” said Mark W. Blodgett, president and chief executive officer. — BOB SANDERS