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Hytek faces loss of stock’s Nasdaq listing

NNBW Staff

Hytek Microsystems Inc.

has been notified by Nasdaq that its stock soon faces de-listing.

The stock is traded on Nasdaq Small Cap Market and has been closing below $1 per share for the last five months.

Nasdaq said it would de-list the stock if it doesn’t close at $1 or above for 10 consecutive days prior to a June deadline.

The Carson City maker of hybrid microelectronic circuits recently reported a loss for 2002.

For the year ended Dec.

28, 2002, Hytek posted a net loss of $654,000, or 20 cents per share, on net revenues of $11.3 million.

That compares to a net loss of $2 million, or 62 cents per share, on net revenues of $9.4 million for the prior fiscal year.

“Although net revenues in 2002 increased by 20 percent over the prior year, process related yield problems in the latter half of the year had a significant negative impact on gross margin, resulting in negative operating results,” said John Cole, Hytek’s president and CEO, in a prepared statement.

The company said it had to suspend production of a major medical product line in the fourth quarter due to yield issue problems while several major customers postponed orders.

For the fourth quarter, Hytek reported a net loss of $594,000, or 18 cents per share, on net revenues of $1.8 million.

That compares to a net loss of $1,177,000, or 36 cents per share, on net revenues of $3.0 million for the fourth quarter of fiscal 2001.