6 August 1998: US-based SpecTran Corp. said a second quarter loss has caused the company to be in violation of some debt covenants. The company, which makes fibre optic products, said it is seeking wa…
6 August 1998: US-based SpecTran Corp. said a second quarter loss has caused the company to be in violation of some debt covenants. The company, which makes fibre optic products, said it is seeking waivers or modifications on loan agreements to accomodate the loss. But SpecTran said it expects a return to profitability in the second half of the year. “The company still anticipates revenue growth in 1998 over the previous year, and expects to be profitable for the second half and full 1998 year,” Charles Harrison, president and chief executive officer, said in a statement. SpecTran reported a second quarter net loss of US$ 1.4 million or US$ 0.20 per diluted share compared with net income of US$ 1.3 million or US$ 0.18 per share in 1997. The company said that reduced earnings at all three operating units contributed to the loss.