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JEFF HARRINGTONBut operations sold in the firm's reorganization account for a large chunk of the decline.
Reptron Electronics may have exited from bankruptcy protection in January, but the scars from the worst downturn in its history are difficult to ignore.
The Tampa electronics manufacturer on Thursday said it lost $41.1-million, or $6.40 a share, in 2003. That compares to a net loss of $26.2-million, or $4.08 a share, in 2002. Sales slipped 9 percent to $150.1-million from $165.1-million.
For its fourth quarter ended Dec. 31, Reptron lost $15.4-million, or $2.40 a share, compared to a net loss of $9.6-million, or $1.50 a share, in the fourth quarter of 2002. Net sales fell 9 percent to $36.9-million from $40.4-million.
Reptron has struggled through a three-year slump, culminating in the sale of a large portion of its business last year and a prepackaged bankruptcy last October to rid itself of high-interest bond payments.
Its fourth-quarter losses included a goodwill charge of $7.8-million to write down the cost of a West Coast facility and a $652,000 inventory write-down. About $24-million of the 2003 loss and $2.4-million of the quarterly loss were from discontinued operations. The company sold both its distribution business and memory module business last year.
Take out the charges and discontinued operations, and the results are more encouraging. The operating loss from continuing operations in the fourth quarter was $436,000, or 7 cents a share, compared to a loss of $2-million, or 31 cents a share, in the year-ago quarter.
Reptron president and chief executive Paul Plante said in a conference call that he was encouraged that demand will pick up based on conversations with customers. Yet, with a long leeway time for new projects to make it to manufacturing, he cautioned against high expectations.
"We're not predicting much growth in 2004 versus 2003 because we had this time we were in (bankruptcy in which) it was difficult to sign up new customers," he said.
As in past conference calls, Plante did not take questions after his presentation.
Reptron expects to start trading again as soon as Tuesday using the new ticker symbol RPRNV. The company could get relisted with Nasdaq if it trades above $4 a share for 90 days. Based on trading in Reptron's bonds, Plante said he expects the stock will be trading above that level. The "V" will drop off RPRNV after Nasdaq is comfortable with the trading volume, Plante says.
- Jeff Harrington can be reached at harrington@sptimes.com or 813 226-3407.