Laser Power Calls a Halt to Talks with Potential Buyers
SAN DIEGO, Feb. 3 -- Laser Power Corp. has discontinued discussions with potential purchasers, citing the bidding parties' failure to offer an acquisition price comparable to recent market values for the company's common stock. On Feb. 1, 2000, the Nasdaq National Market reported a closing price for Laser Power's common stock of $8.125 per share.
The board of directors and management of Laser Power remain committed to increasing the value of the company for the stockholders, said Robert G. Klimasewski, board chairman. We have sold our loss-making microlaser business and expect to continue our restructuring with the sale of certain of our research division's assets.
At the same time, the company reported net income from continuing operations of $486,000, or 6 cents per diluted share, for the first quarter of fiscal 2000, compared with a net loss from continuing operations of $(16,000), or zero cents per diluted share, for the first quarter of last year. Total revenues for the quarter were $8,570,000, compared with $7,711,000 in the first quarter of fiscal 1999.
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