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Merix Announces Preliminary Results for First Quarter 2004, Plans to Complete Its Wood Village Facility
September 12, 2003 |Estimated reading time: 1 minute
Forest Grove, Ore. — Merix Corp. announces preliminary results for the first quarter of fiscal 2004 ended August 30, 2003.
Sales for the first quarter increased approximately 36 percent to $30.7 million, compared to $22.5 million for the last quarter of fiscal 2003. Preliminary first quarter results include an expected loss of between 15 and 17 cents per share. Excluding the impact of a valuation allowance against deferred taxes, the first quarter pro-forma loss is expected to be about 9 or 10 cents per share. This compares to a loss for the last quarter of fiscal 2003 of $1.39 per share and a pro-forma loss of 25 cents per share, which also excludes the impact of a valuation allowance against deferred taxes.
The company's Board of Directors has approved the completion of a Wood Village facility. Production should commence at this facility within four to six months. Completion of phase one of the Wood Village facility will entail a capital investment of about $9 million for equipment and hiring of approximately 170 manufacturing and engineering positions over the next four to six quarters, and will increase the company's manufacturing capacity by more than 30 percent.
Merix Corp. is a leading manufacturer of technologically advanced, multi-layer, rigid printed circuit boards for use in sophisticated electronic equipment. For more information, visit www.merix.com.