Electronics maker Standard Microsystems Corp. of Hauppauge reported a narrowed loss of $3.3 million or 15 cents a share for the fiscal quarter ended Nov. 30. The company blamed a higher effective tax rate and said the results were worse than expected.
The company had lost $4.6 million or 20 cents a share in the same third fiscal quarter a year earlier, based on generally accepted accounting principles.
Standard had about 1,000 employees as of February 28, according to its last annual report.
Standard said revenue for the quarter was $106.2 million, down from $107 million a year earlier.
The company also reported some figures that do not conform to generally accepted accounting principles — as companies often do to provide what they consider a more accurate portrayal of their businesses. On that basis, the company said it earned $4.8 million, or 21 cents a share for the quarter, down from $12 million, or 52 cents a share a year earlier.
“Despite some very challenging macroeconomic conditions, we delivered on the top-line and reduced operating expenses in the third quarter,” Christine King, president and chief executive, said in a statement Monday. “Both our automotive and wireless audio products achieved quarterly revenue records. However, this was offset by weak PC, industrial and other consumer product demand.”
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