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InFocus Reports $8.1M Q1 Loss

Wilsonville, Ore. — Still mulling competing acquisition offers, video projector manufacturer InFocus Monday reported first-quarter sales of $44.4 million, down 32 percent from the same three months of 2008.

The company reported an $8.1 million loss for the period, compared with a loss of $1.8 million in the first quarter a year ago.

InFocus directors announced earlier this month that they recommend selling the company to an investment firm headed by John Hui, the co-founder of eMachines, for $39 million. That deal is proceeding although an unnamed rival bidder stepped in last week with a competing bid. Terms of the counter offer have not been disclosed.

InFocus said its balance of cash, restricted cash and marketable securities fell to $22.3 million, down $11.1 million since the end of 2008. The change was attributed to “changes in working capital and capital expenditures.”

The company said projector unit shipments totaled approximately 60,000 in the first quarter, a decrease of approximately 5 percent compared with the fourth quarter of 2008 and a reduction of 13 percent compared to the first quarter of 2008. Overall, average selling prices (ASPs) decreased by approximately 9 percent from the fourth quarter of 2008. Gross margins were 14.1 percent, a reduction of 2.7 percent from the fourth quarter of 2008.

“Gross margins were negatively impacted in the first quarter by product mix and sale of end of life projectors. Revenue in the Americas decreased by 1 percent while units shipped increased by 6 percent compared to the fourth quarter of 2008,” the company said. “Revenue and unit shipments decreased by 37 percent and 25 percent, respectively, in Europe. Revenue and units from Asia Pacific decreased by 1 percent and increased by 12 percent, respectively, compared to the fourth quarter of 2008.”