CHARLOTTE, N.C.-Glenayre Technologies Inc. reported a net loss of $121.5 million, or $2.01 per share, for the fourth quarter ended Dec. 31, compared with a net gain of $16.7 million, or 27 cents per share, in the corresponding quarter of the previous year.
Net revenues for the quarter totaled $123.6 million, a 19-percent increase from the similar period the year before.
Glenayre said its results were negatively impacted by charges of $131.2 million stemming from its three acquisitions during 1997. The company acquired Open Development Corp., Wireless Access Inc. and CNET Inc.
Charlotte, N.C-based Glenayre reported a year-end net loss of $78 million, or $1.29 per share, compared with net earnings of $70.4 million, or $1.11 per share, in 1996.
Without the acquisitions, Glenayre said earnings per share for the year would have been about 84 cents, and 15 cents for the fourth quarter.
