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Article: Rochester, Minn.-Based Electronics Manufacturer Pemstar Posts $47 Million Loss.
- Article from:
- Post-Bulletin (Rochester, MN)
- Article date:
- May 15, 2002
CopyrightCOPYRIGHT 2002 Post-Bulletin. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bob Freund
May 15--Pemstar Inc. executives wrung an ocean of red ink out of the manufacturer's finances late Tuesday, declaring tens of millions of dollars in write-offs for the final quarter of its business year.
The local electronics manufacturer declared a loss of $47 million, or $1.28 a share, for the quarter and a larger $54 million, or $1.56 a share, for its entire business year.
The swoon in the technology industries was a major reason for the losses. Pemstar makes components, as well as entire products, for name-brand companies, such as its two largest customers, IBM Corp. and Motorola Inc.
But the company, whose stock ...