Parlex Reports Financial Results for the Fourth Quarter and Fiscal Year 2003

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Methuen, Mass. — Parlex Corp. reported revenues of $18.8 million in the quarter ended June 30, 2003, versus $23.5 million for the same period in the previous fiscal year.

Operating loss was $2.1 million versus $7.5 million for the same period of the preceding year. No tax benefit was recorded associated with U.S. operating losses. As a result, the company reported a net loss for the quarter of $2.3 million or 36 cents per share versus $4.9 million or 77 cents per share for the same period last year.

For the fiscal year 2003, revenues were $82.8 million versus $87 million in fiscal 2002. The operating loss for fiscal 2003 was $12.5 million compared to $17.7 million in the prior year. In fiscal 2003, the company established a full valuation reserve totaling $6.9 million for all U.S. deferred tax assets as well as recording no tax benefit on U.S. operating losses. Accordingly, net loss was $19.5 million for fiscal 2003 ($3.09 per share) versus $10.4 million for fiscal 2002 ($1.65 per share).

Parlex Corp. is a world leader in the design and manufacture of flexible, interconnect products.



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