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PT’s woes continued during the first quarter as the company reported a decline in revenues and profit.
PT, officially Performance Technologies Inc., reported Thursday a net loss of $900,000, or 8 cents a basic share, for the quarter, compared with net income of $300,000, or 3 cents a basic share, during the same period a year ago.
The company attributed the loss to, among other things, restructuring costs, amortization of purchased intangible assets and stock-based compensation.
PT logged revenues of $6.3 million for the first quarter 2013, down from $8.4 million during the first quarter 2012.
Shares of PT (NasdaqGM: PTIX) were trading at around $1.05 midday Friday, up 24 percent from Thursday’s close of 85 cents. The company reported its results Thursday after the market closed.
In January, PT announced plans to restructure its business focus by eliminating unsuccessful product lines and reducing its workforce. The company said it expects the savings from its restructuring moves to reduce its break-even expense level by more than $2 million a year.
“As we execute our refined business strategy announced in January, we continue to make meaningful progress in our key 2013 initiative—advancement of our SEGway Universal Diameter Router product line,” President and CEO John Slusser said in a statement. “We expect to increase our sales and marketing investments in our Diameter product line to accelerate its penetration in this growing market.”
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