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Methuen, Mass — Parlex Corp. reported revenues of $19.4 million in the quarter ended March 30, 2003 versus $21.3 million for the same period in the previous fiscal year, a 9 percent decrease.
Loss from operations was $5.7 million (90 cents per share) versus $3.3 million (52 cents per share) for the same period of the preceding year. No tax benefit was recorded associated with U.S. operating losses and a full valuation reserve has been established for all U.S. deferred tax assets. As a result, the company reported a net loss for the quarter of $5.9 million or 94 cents per share versus $1.7 million or 26 cents per share for the same period last year.
For the first three quarters of fiscal year 2003 revenues were $64 million versus $63.6 million in the corresponding fiscal 2002 period. The net operating loss for the first three quarters was $10.4 million ($1.65 per share) compared to $9.7 million ($1.55 per share) in the prior year.
Parlex Corp. is a world leader in the design and manufacture of flexible, interconnect products. Parlex produces custom flexible circuits and laminated cables utilizing proprietary processes and patented technologies, which are designed to satisfy the unique requirements of a wide range of customers. Its manufacturing facilities are located in the United States, China, Mexico and the United Kingdom.