Laser Power Corp. Reports Results; Will Sell Loss Operations
SAN DIEGO, Dec. 2 -- Laser Power Corp. announced results for its fourth quarter ended Sept. 30, 1999. Net income from continuing operations was $543,000, or six cents per diluted share, compared with a net loss of $2,922,000, or 35 cents per diluted share, in the fourth quarter of the prior year.
Laser Power reported that its board of directors has adopted a plan under which the company will sell its microlaser operations and focus its contract research activities on its core optics businesses. According to Dick Sharman, Laser Power's CEO, The Board has concluded that the best approach for obtaining the necessary resources to maximize the potential of the company's microlaser technology was through a sale of the microlaser business. We are hopeful that a sale will be concluded in the near future, which will permit a seamless transfer of employees and operations. Sharman added, We expect that elimination of loss operations combined with the sale of assets of these operations will significantly improve Laser Power's financial condition.
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