THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Wednesday, February 5, 1997 TAG: 9702050521
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY LON WAGNER, STAFF WRITER
LENGTH: 31 lines
nView Corp. posted its highest quarterly sales total ever in its final quarter of 1996, but still finished its fiscal year in the red, the company reported Tuesday.
The Newport News-based maker of high resolution projection panels ended 1996 with a net loss of $805,000, compared with a 1995 net loss of $7.8 million, nView said.
Still, the company said its net sales in the quarter ending Dec. 31 totaled $11.2 million, CEO Angelo Guastaferro said.
``Our goal for 1996 was to affect a turn around,'' Guastaferro said, ``and we are pleased that the fourth quarter results show our progress.''
nView reported a net income of $245,000, or 5 cents per share, in the fourth quarter, compared to a 1995 fourth quarter net loss of $3.7 million, or 74 cents per share.
The company's cut its fourth quarter operating expenses from $3.6 million in 1995 to $1.6 million in 1996, nView said. Fourth quarter net sales increased 45 percent, from $7.7 million in 1995 to $11.2 million. Sales increased 32 percent over the $8.5 million posted in the third quarter of 1996, nView said.
Guastaferro cautioned that despite the good quarter the company will still face tough times.
``Pressure on gross profit margins will continue, as competition increases in our industry,'' he said.