ARDEN HILLS, Minn.--(BUSINESS WIRE)--IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, today reported preliminary results for its second quarter ending, June 30, 2016.
The company expects second-quarter net sales of approximately $16.8 million, versus $17.1 million in prior-year second quarter. IntriCon previously said that net sales would be consistent with 2016 first-quarter levels. The second-quarter net loss is anticipated to be in the range of $(1.3) million to $(1.5) million, or $(0.19) to $(0.22) per diluted share. Included in the loss is approximately $350,000, or $0.05 per diluted share, of both one-time corporate and non-operating charges. This compares to net income of $506,000, or $0.08 per diluted share, in the 2015 second quarter.
“While we are disappointed in our results, we believe that this is purely a timing issue beyond our control,” said Mark Gorder, president and chief executive officer of IntriCon. “Sales were primarily impacted by lower revenue from our largest customer as they manage the transition of their pending product approval and launch. We continue to make progress building the infrastructure required to secure high-potential growth opportunities in value hearing health, and the long-term outlook for our business remains healthy.”
IntriCon will provide final second-quarter results and third-quarter guidance during its regularly scheduled earnings release and second-quarter conference call scheduled for the week of July 25.
About IntriCon Corporation
Headquartered in Arden Hills, Minn., IntriCon Corporation designs, develops and manufactures miniature and micro-miniature body-worn devices. These advanced products help medical, healthcare and professional communications companies meet the rising demand for smaller, more intelligent and better connected devices. IntriCon has facilities in the United States, Asia, United Kingdom and Europe. The company’s common stock trades under the symbol “IIN” on the NASDAQ Global Market. For more information about IntriCon, visit www.intricon.com.
Statements made in this release and in IntriCon’s other public filings and releases that are not historical facts or that include forward-looking terminology are “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be affected by known and unknown risks, uncertainties and other factors that are beyond IntriCon’s control, and may cause IntriCon’s actual results, performance or achievements to differ materially from the results, performance and achievements expressed or implied in the forward-looking statements. These risks, uncertainties and other factors are detailed from time to time in the company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2015. The company disclaims any intent or obligation to publicly update or revise any forward-looking statements, regardless of whether new information becomes available, future developments occur or otherwise.