CHARLOTTE, N.C.-Glenayre Technologies Inc. reported a net loss of $61.3 million, or 99 cents per share, for the second quarter ended June 30, compared with a net loss of $3 million, or 5 cents per share, for the corresponding period last year.
Net sales fell 24 percent to $62.1 million from the $81.9 million reported for second-quarter 1998.
Glenayre, which earlier in the month said second-quarter results would fall short of expectations, blamed the poor financial performance on lower net sales to paging customers-pointing in particular to the bankruptcy of Conxus Communications Inc.
“As we previously reported, paging orders and sales were significantly less than expected during the quarter, offsetting improved results,” said Eric Doggett, Glenayre’s recently appointed president and chief executive officer.
He added that the company will engage in further restructuring efforts, for which details will be released in the next two months.
