Inrad Optics Posts Loss After Facilities Consolidation
NORTHVALE, N.J., Aug. 21, 2014 — Inrad Optics Inc. reported a net loss of $1.0 million in the second quarter of 2014, compared to a net loss of $648,000 in the second quarter of 2013.
Revenue for the second quarter was $2.2 million, down 17.3 percent from $2.7 million in the same period last year. The company said it experienced a decrease in shipments in the defense and laboratory markets. Increased shipments in laser systems and process control and metrology markets partially offset the overall decline, the company said.
“Our Q2 results, while unfavorable, represent a predicted function of our one-time consolidation costs and reduced shipments to our defense and university segment customers,” said CEO Amy Eskilson.
The company further stated that it is diversifying its customer base and realizing operational and cost savings from its facility integration efforts.
Capital expenditures included $363,000 primarily related to the consolidation of the company’s Florida operation in Northvale, with net proceeds from the sale of plant and equipment amounting to $78,000.
Inrad produces crystal-based optical components and devices, custom optical components from both glass and metal, and precision optical and optomechanical assemblies.