Manufacturers' Services Ltd. reported a net loss of $7.2 million in the company's first quarter of 2002, ended March 31.
The Concord, Mass., EMS company had a net loss of 23 cents per share. In the corresponding year-ago quarter, MSL generated a profit of $1 million, or three cents a share.
In the recent quarter, excluding non-recurring charges and amortization, goodwill and other intangibles, MSL's cash earnings per share were 11 cents, which exceeded analysts' consensus estimates. Analysts polled previously indicated that the company's first quarter EPS would range between 8 to 10 cents.
MSL's revenue of $215 million in the recent quarter was a 59% decline from the year-ago quarter that generated $528.7 million in revenue.
MSL executives said the company won 15 new contracts during the March quarter, of which seven were for volume production or after market services. Nine contracts were with new customers and the remaining six deals were from existing customers.
The company expects its second quarter, which ends in June, to generate revenue in the range of $220 million to $250 million and cash EPS between eight and 11 cents a share.