Inrad Profits, Revenue Down Amid Restructuring
NORTHVALE, N.J., May 27, 2014 — Revenue and earnings were down at Inrad Optics Inc. in the first quarter of 2014 as the company continues restructuring efforts.
The company reported a net loss of $875,000 in the first quarter of 2014, including $59,000 related to relocating operations from Florida to New Jersey. This compares to a net loss of $169,000 in the first quarter of 2013, which included $67,000 related to severance and other costs in connection with job cuts.
Revenue for the three months ending March 31 was $1.9 million, down 38.1 percent from $3.1 million in the first quarter of last year as the company experienced a decrease in shipments in the defense, university and national labs markets. Increased shipments in the laser systems, process control and metrology markets partially offset the overall decline.
President and CEO Amy Eskilson said she was "cautiously optimistic” despite the revenue decline, adding that consolidation of the company’s Florida facilities should result in savings in the coming months.
“Our Q1 bookings were higher than anticipated, and quote activity was also higher compared with the first quarter of 2013,” Eskilson said. “We continue to add customers and replace legacy, end-of-lifecycle programs with new orders.”
For more information, visit www.inradoptics.com.