GARDEN GROVE, Calif. -- Packaging company DPAC Technologies Corp., formerly Densepac Microsystems Inc., made a net loss of $1.1 million on sales of $4.4 million in the second fiscal quarter of fiscal year 2004, ended August 31, 2003, the company said Tuesday (September 30, 2003).
The revenue was down compared to $5.2 million for the first quarter of the current fiscal year and the net loss was increased from $900,000.
The decrease in revenue for the quarter is primarily due to a reduction in the LP-Stack business as the industry shifts from single data rate to double data rate, the company said. The development of the DuraStack process is intended to address both the industry shift to double data rate memory and the increasing competition in the stacking market with an advanced stacking technology.
For the six-months ended August 31, 2003, revenue was $9.6 million, a 58 percent decrease from revenue of $22.8 million for the same period last year. The loss for the six months was $2.0 million as compared with income of $3.1 million, for the same period in fiscal 2003.
"While short-term revenue performance continues to be disappointing at this time, I can assure our shareholders we are on a much better path that promises to build shareholder value," said Ted Bruce, DPAC's president and chief executive officer in a statement.
"Our plan today is for DuraStack to start limited production this quarter. Then in fourth fiscal quarter, we would start broader customer support with an aggressive ramp of the technology in the first and second quarters of next year. We continue to evaluate potential acceleration of this schedule which is a key factor, along with our new wireless product, to reversing our revenue and profitability performance."