Hytek posts $166,665 quarterly loss
Hytek Microsystems, Inc.
of Carson City lost $166,665 on revenues of $2.4 million in the quarter ended March 29 compared with profit of $196,269 on revenues of $3.6 million in the same period a year ago.
The company said demand was soft for geophysical exploration products and custom military products.
At March 29, the company’s total backlog was approximately $6.5 million.
Bank of the West, which provides a line of credit to Hytek, has declared the company to be in default with a loan covenant that requires Hytek to maintain a minimum tangible net worth of $5 million.
Hytek said the bank indicated it will convert the line of credit into a long-term note.
Hytek specializes in hybrid microelectronic circuits used in oil exploration, military applications, satellite systems, industrial electronics opto-electronics and other applications.
“Carson City had such a need. You had the three great schools in Reno. We’re such a small community, it made sense to get Carson City on its feet. It’s been great.”