Beehive International reported revenues for the third fiscal quarter of $6.42 million, an increase of 28 percent over the $5.00 million logged for the same period last year.
The loss from continuing operations for the third quarter of fiscal 1988 was $4.52 million compared to the loss of $281,000, net of a $1.73 million extraordinary gain, for the third fiscal quarter 1987.Beehive chairman Thomas A. Howard said $2.10 million of the $4.52 million loss from continuing operations was attributed to the transfer of manufacturing offshore and discontinuance of volume manufacturing in Salt Lake City.
"The losses associated with this manufacturing transition resulted from discontinuing certain older product lines, estimated vendor cancellation charges, a writedown of fixed assets used in Salt Lake City manufacturing, and reserve for expenses associated with the restructure of debt," said Howard.
"At this time, the company's viability is dependent on its contract manufacturer's ability and willingness to deliver product promptly, as well as the company's ability to successfully restructure its balance sheet."
Beehive International is a supplier of IBM compatible terminals for OEMs, resellers and distributors.