Noise Cancellation reports 4th-quarter loss of $7.4 million

April 04, 1995|By Ted Shelsby | Ted Shelsby,Sun Staff Writer

Noise Cancellation Technologies Inc. continued to struggle during the fourth quarter, in which it posted a loss of $7.4 million.

For the year, the company lost $21.9 million, it said yesterday. Noise Cancellation also revealed that it had eliminated more jobs then previously reported.

Despite the losses, Jay M. Haft, the outside director who took over as co-chairman, president and chief executive in a top management shake-up in November, said: "Our goal is to lead the company to break-even operating results by the end of 1995."

The Linthicum-based company has not reported a profitable year since its formation in 1988.

As part of a major restructuring initiated late last year, the company has eliminated 73 jobs, many of them at its northern Anne Arundel County plant, to reduce its total employment to about 100 workers.

Mr. Haft said the "larger-than-anticipated" loss for the year was the result of one-time charges related to the dissolution of part of a joint venture with a Japanese electronic company, an increase in reserves for bad debts and slow-moving or obsolete inventory during the final quarter.

The charges amounted to $2.6 million for the quarter and $4.2 million for the year.

%

Noise Cancellation

Technologies Inc. ... ... ... ... ... Ticker ... .... Yesterday's

Linthicum ... ... ... ... ... ... ... Symbol ... ... Cls. ... ... Chg.

... ... ... ... ... ... ... ... .. .. NCTI ... .. .. 5/8 ... .. -1/16

Period ended

12/31/94 ... ... ... ... ... ... 4th qtr. ... ... ... Year ago ... Chg.

Revenue ... ... ... ... .. .. .. $1,142 ... ... .. .. $1,466 .. .. -22.1%

Net Income ... ... ... ... .. .. (7,438) ... .. .. .. ($8,152) .. .. %

Primary EPS ... ... ... ... .... ($.09) ... ... .. .. ($0.11) ... .. %

... ... ... ... .... .... ... .. Year ... ... ... ... Year ago .. .. Chg.

Revenue ... ... ... ... .. .. .. $7,124 ... ... .. .. $5,386 ... ... +32.3%

Net Income ... ... ... ... .. .. ($21,907) ... ... .. ($17,191) . .. .%

Primary EPS ... ... ... .. .. .. ($0.26) ... .. .. .. ($0.24) ... ... %

Figures in thousands (except per share data.)

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