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To: TRANSPORTATION EDITORS
Contact: Investors, Rick Alpert, +1-301-948-7872, or for press inquiries for Europe, Middle East, Africa, and Asia, Kate Huber, +31 182 592 215, khuber@optelecom-nkf.com, or for press inquiries for North and Latin America, Betsy Lanning, +1-301-444-2276, blanning@optelecom-nkf.com, all of Optelecom-NKF, Inc.
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To: TRANSPORTATION EDITORS
Contact: Rick Alpert of Optelecom-NKF, Inc., +1-301-948-7872
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Optelecom cited by Nasdaq
Optelecom-NKF Inc., a Germantown-based telecommunications equipment manufacturer, said it has been notified by the Nasdaq Stock Market that its board of directors no longer has a majority of independent directors. The company acknowledged it is in violation of a Nasdaq rule, but said it intends to appoint a director who satisfies the Nasdaq requirement prior to the expiration of the cure period on Sept. 2. The imbalance occurred after Robert Urso resigned as a director on March 6. Urso is president and chief operating officer of Vienna, Va.-based KMS Solutions LLC.
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To: TECHNOLOGY EDITORS
Contact: Investor, Mr. Rick Alpert, +1-301-948-7872, or Press for Europe, Middle East, Africa and Asia, Kate Huber, +31-182-592-215, khuber@optelecom-nkf.com, or Press for North and Latin America, Betsy Lanning, +1-301-444-2276, blanning@optelecom-nkf.com, all of Optelecom-NKF, Inc.
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Optelecom-NKF reports loss
Optelecom-NKF Inc. reported a fourth-quarter net loss due largely to a one-time non-cash writedown. The Germantown-based manufacturer of fiber-optic data transmission equipment said its loss totaled $3 million, or 81 cents per diluted share, compared to net income of $873,000, or 24 cents per share, a year earlier. Revenue was $11.8 million for the fourth quarter, versus $13 million for the 2007 period. The company said it elected to take a $3.5 million writedown of deferred tax assets. Also, expenses associated with a work force reduction amounted to approximately $525,000, officials said.
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