Noise Cancellation Technologies Inc. said yesterday that it lost $2.3 million during the third quarter.
The company also announced that it had raised $3.35 million in a private stock placement and sold its interest in a joint venture to a unit of Tenneco Inc.
The loss was less than half the $6 million the company lost during the third quarter of 1994, and brought its nine-month losses to $4.8 million, down from $14.5 million. According to Bloomberg Business News, the Linthicum-based company has 90 employees.
On Nov. 15, Noise Cancellation transferred to Tenneco its 50 percent ownership in the Walker Noise Cancellation Technologies joint venture.
Noise Cancellation received about $300,000 in cash, the return of about $830,000 worth of Noise Cancellation stock previously sold to Tenneco and the elimination of Noise Cancellation's commitment to finance $2.4 million worth of product and technology development.
Tenneco is to finance further research and development and pay royalties on resulting products to Noise Cancellation.
Noise Cancellation expects to report net revenue in excess of $3 million from this transaction in the fourth quarter, which should enable the company to be profitable in that quarter.