SUNNYVALE, Calif.-Conductus Inc.’s second-quarter revenue decreased 58 percent, from $2.5 million last year to $1 million during the recent quarter.
The superconductive wireless systems manufacturer cut its net loss for the second quarter, from $2.4 million, or 35 cents per basic and diluted share, to a $1.9 million net loss this year.
“The results of the past quarter continue to reflect the impact of our strategic decision to focus financial and management resources on the large and rapidly growing wireless market,” said Charles Shalvoy, president and chief executive officer of Conductus.
“As a result of this decision during the second half of 1997, we spun out two business units not related to the wireless market. Our second quarter 1998 financials reflect this strategic repositioning.”
“Looking forward, we expect our wireless product revenues to increase substantially from quarter to quarter for the remainder of 1998,” Shalvoy said.
Conductus spent $1.9 million on research and development during the second quarter, and 865,000 on “selling, general and administrative” expenses.
