Vicon Fiber Optics Writes Off Dot Com Investment
PELHAM MANOR, N.Y., Apr. 6 -- Vicon Fiber Optics reported that it will take a one-time charge of $500,000 against 1999 earnings on a capital investment it made in Another Universe.com in 1998. Vicon said this charge comprised the bulk of its total loss of $628,890 for fiscal 1999.
Through its investment, Vicon owned approximately 9 percent of Another Universe.com, which experienced serious declines in revenues in 1998 and 1999. Vicon noted that attempts to rectify the situation had proved unsuccessful; the major assets of Another Universe.com were recently sold. Leonard Scrivo, Vicon's president and CEO, said, We made the capital investment in Another Universe as a means of publicizing and expanding market share for our Fantasia line of lamps. The company had a strong presence in several markets we wanted to penetrate and also had revenues in excess of $17 million for the year ending fiscal 1998.
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