Panja Fiscal Q4 Sales Up 16%, But Loss Soars

By Jeff Malester On May 21 2001 - 6:00am

RICHARDSON, TEXAS — Advanced control-system technology company Panja increased its revenues for its fiscal fourth quarter by 16 percent, reaching $22.7 million, compared with $19.5 million in the fiscal fourth quarter last year.

However, the company — which designs, develops and markets advanced electronic equipment software that extends Internet content to non-personal computer devices that target consumers — reported a net loss of $7.3 million in the fiscal fourth quarter ended March 31, compared with a net loss of $728,000 in the year-ago three months.

Included in the net loss for the fourth quarter are restructuring and other one-time charges of $5 million associated with a reduction in workforce, the phaseout of the Broadband Consumer Products Division and inventory reserves.

Panja said late in March that it had reduced its workforce by 10 percent, eliminating 47 jobs in the United States. The company also announced that it would discontinue its consumer retail strategy and close its Broadband Consumer Products Division, which includes the Internet gateway product, the Panja 1000, and the Broadband Music Player, released this past January. Further, the assets and the intellectual property of this division are for sale, and Panja is seeking buyers for them.

Company focus now will be on easy-to-use control systems with multimedia and Internet capabilities for the commercial and residential markets. "Panja's fiscal fourth quarter reflected the continued strong demand for our products and services around the world," said Scott Miller, chairman/CEO. "Our core business remains sound and profitable."

For the fiscal year, Panja revenue increased 20 percent to $94 million, compared with $78.2 million in the year-ago period. Including the restructuring and other one-time charges of $5 million and a valuation allowance of $2.5 million, the company reported a net loss of $8.1 million, nearly double the $4.1 million loss in fiscal 2000, which includes $3.4 million in restructuring charges.

Panja said it expects revenue and operating cash flow to grow in fiscal 2002, and that it will return to profitability.

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