Interconnection components supplier Thomas and Betts, Memphis, Tenn., reported a net loss of $44.6 million or 77 cents a share for the fiscal year 2000 ending December 31, compared with earnings of $119.4 million or $2.06 per diluted share in 1999.
Sales for 2000 were $1.8 million compared to $1.9 billion in 1999.
The company's fourth-quarter sales were $434.1 million, with a net loss from continuing operations of $70 million or $1.20 per diluted share. The fourth-quarter results include pre-tax charges of $60 million that reflect the company's strategic decisions to discontinue or dispose of unprofitable product lines.
In the fourth quarter of 2000, Thomas and Betts combined its commercial and industrial electrical businesses.
By the end of 2000, the company improved its cash position and ended the year with $200 million in cash on hand, compared with $70 million for 1999, it said.
"This is a time of dynamic and very positive change for Thomas & Betts -- a change not reflected in our results," said T. Kevin Dunnigan, chairman, president, and chief executive of Thomas & Betts, in released statement.
"We have spent the past several months understanding and dealing with the serious deficiencies in our business and financial processes and controls. We have now re-established sound business practices and are well positioned to make progressive improvement in 2001 and beyond."