Ampex posts $2.42 million first-quarter operating loss

By Caroline Salls

Pittsburgh, May 15 - Ampex Corp. reported a $2.42 million operating loss for the quarter ended March 31, falling from $3.36 million in operating income recorded in the first quarter of 2007, according to a 10-Q filed Thursday with the Securities and Exchange Commission.

The first-quarter 2008 operating loss includes $1.18 million in reorganization costs, according to the 10-Q. Ampex did not have any reorganization costs in the first quarter of 2007.

Total revenues at March 31, 2008 were $7.01 million, slipping from $12.4 million in total revenues at March 31, 2007.

The company posted a $3.81 million net loss for the first quarter of this year, down from $2.47 million in net income reported in the same period of last year.

Cash and cash equivalents at March 31 were $10.29 million, compared with $8.59 million at Dec. 31.

Ampex, a Redwood City, Calif., technology licensing company, made a pre-packaged bankruptcy filing on March 30 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-11094.

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