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Aeroflex reports sales dip from federal spending cuts
Aeroflex Holding Corp. Inc., a Plainview-based maker of wireless communication components, said its sales dipped modestly as government spending cuts took hold in Washington.
The company’s fiscal third-quarter revenue fell to $160.1 million during the three months ending in March, down less than a percent from the same period last year. The results beat analysts' expectations.
“We are executing on our strategic plan despite the challenges that exist due to sequestration in some of our government markets,” Aeroflex chief executive Len Borow said in a statement announcing the results.
The company generates about 30 percent of its revenue from the U.S. government, including the National Aeronautics and Space Administration.
Aeroflex reduced its net loss for the third quarter to $9.4 million, down from a $65.3 million loss in 2012. The reduction stemmed largely from a $59.7 million charge the company took last year when it wrote down the value of its radio frequency microwave unit.
The company released its earning before the stock market opened. Aeroflex shares closed up 2.5 percent on Wednesday, at $7.72.