Wearnes warns of a net loss in Q3 after Nasdaq-listed unit falls short of expectation
WBL Corporation or Wearnes today warned of a net loss for the third quarter ended June 30 after a key subsidiary flagged that its revenue would come in lower than projected.
In a press release on July 25, Nasdaq-listed Multi-Fineline Electronix said it expects net sales in the third quarter of fiscal 2013 to be about US$136 million, below the company's guidance range of US$155 million to US$185 million.
As a result of the lower revenues, gross margin is likely to be 3.1 per cent in the red. It had earlier projected breakeven margin.
Multi-Fineline expects to report cash and cash equivalents of US$114.1 million, or US$4.76 per diluted share, and US$73.6 million in inventory.