ALHAMBRA, Calif., Sept. 3 -- Ortel Corp. has reported financial results for its first fiscal quarter ended August 1, 1999. The company says these figures reflect steps taken to focus resources on growth markets with improved profit potential.
Ortel's revenue for the quarter was $18.8 million, with a net loss of approximately $750,000, or 6 cents per share, before adjustments for discontinued businesses and previously announced special charges. Excluding related special charges of approximately $4 million, post-tax, Ortel's continuing fiber-optics business had a net loss of approximately $200,000, or 2 cents per share, on restated revenues of $17.7 million. After adjustments for special charges and discontinued businesses, Ortel's revenue for the first fiscal quarter was $17.7 million, with a net loss of $8 million, or 68 cents per share.
In addition, the company announced that it has concluded the sale of its European wireless subsidiary, Avitec AB, to Hakan Samuelsson, one of the original founders. Details of the sale were not disclosed. We are pleased to report higher-than-expected revenues and a narrower loss for the quarter, reflecting added strength in our core market segments, said Stephen R. Rizzone, Ortel's president, CEO and chairman of the board. The sale of the wireless businesses represents another important step in Ortel's strategy to refocus our resources and leverage the benefits of our technology to build solid growth and return the company to profitability in the current fiscal year.