IntriCon Reports Preliminary Second-Quarter Results
June 30 2016 - 4:05PM
Business Wire
Lower Sales Reflect Product Transition
Timing of Major Customer
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of miniature and
micro-miniature body-worn devices, today reported preliminary
results for its second quarter ending, June 30, 2016.
The company expects second-quarter net sales of approximately
$16.8 million, versus $17.1 million in prior-year second quarter.
IntriCon previously said that net sales would be consistent with
2016 first-quarter levels. The second-quarter net loss is
anticipated to be in the range of $(1.3) million to $(1.5) million,
or $(0.19) to $(0.22) per diluted share. Included in the loss is
approximately $350,000, or $0.05 per diluted share, of both
one-time corporate and non-operating charges. This compares to net
income of $506,000, or $0.08 per diluted share, in the 2015 second
quarter.
“While we are disappointed in our results, we believe that this
is purely a timing issue beyond our control,” said Mark Gorder,
president and chief executive officer of IntriCon. “Sales were
primarily impacted by lower revenue from our largest customer as
they manage the transition of their pending product approval and
launch. We continue to make progress building the infrastructure
required to secure high-potential growth opportunities in value
hearing health, and the long-term outlook for our business remains
healthy.”
IntriCon will provide final second-quarter results and
third-quarter guidance during its regularly scheduled earnings
release and second-quarter conference call scheduled for the week
of July 25.
About IntriCon CorporationHeadquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops and manufactures
miniature and micro-miniature body-worn devices. These advanced
products help medical, healthcare and professional communications
companies meet the rising demand for smaller, more intelligent and
better connected devices. IntriCon has facilities in the United
States, Asia, United Kingdom and Europe. The company’s common stock
trades under the symbol “IIN” on the NASDAQ Global Market. For more
information about IntriCon, visit www.intricon.com.
Forward-Looking StatementsStatements made in this release
and in IntriCon’s other public filings and releases that are not
historical facts or that include forward-looking terminology are
“forward-looking statements” within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
may be affected by known and unknown risks, uncertainties and other
factors that are beyond IntriCon’s control, and may cause
IntriCon’s actual results, performance or achievements to differ
materially from the results, performance and achievements expressed
or implied in the forward-looking statements. These risks,
uncertainties and other factors are detailed from time to time in
the company’s filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the year ended
December 31, 2015. The company disclaims any intent or obligation
to publicly update or revise any forward-looking statements,
regardless of whether new information becomes available, future
developments occur or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160630006276/en/
At IntriCon:Scott Longval, CFO,
651-604-9526slongval@intricon.comorAt PadillaCRT:Matt Sullivan,
612-455-1700matt.sullivan@padillacrt.com
Intricon (NASDAQ:IIN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intricon (NASDAQ:IIN)
Historical Stock Chart
From Apr 2023 to Apr 2024