BEACHWOOD, Ohio-Allen Telecom Inc., a supplier of wireless equipment to the global telecommunications infrastructure market, reported financial results for the quarter and year ended Dec. 31, 1999.
Sales for the company increased for the final quarter of 1999 to $90.7 million from $85.7 million the previous year. Even with the increased sales, net losses for the quarter increased from $3.3 million in 1998 to $6.4 million, with losses per share increasing from 12 cents per share to 23 cents per share.
The company said it incurred a charge of $8 million, net of related income taxes, in the fourth quarter of 1999, related to the discontinuance of certain product lines and the closing of its Solon, Ohio, facility, including costs of employee severance and asset valuations.
For the year, Allen Telecom saw sales decline from $388 million in 1998 to $333.7 million in 1999. Net loss also fell for the year from $10.2 million in 1998 to $2.9 million last year, resulting in net losses per share falling from 38 cents per share in 1998 to 10 cents per share in 1999.
