The endgame for Trex Medical appears to be at hand. The Danbury, CT-based vendor, which has been up for sale since early 2000, reported revenues of $45 million in its fiscal third quarter, down 29% compared with the $63.1 million posted in the same quarter last year. For the period (end-June 30), Trex had a net loss of $100.3 million, compared with a net loss of $14.3 million in 1999.
Trex has recorded restructuring and related charges of $96.3 million so far in fiscal 2000. Given the continued decline in the company’s performance and the planned sale of its individual operating units, Trex used non-cash restructuring charges in the quarter to write down the firm’s principal businesses to their estimated value, according to Trex CEO William Webb.
The restructuring charges will have no direct financial impact on the operating results of Trex’s parent company, Thermo Electron, due to its treatment of Trex as a discontinued operation, according to the firm.
By AuntMinnie.com staff writers
August 7, 2000
Related Reading
Trex revenues slump in Q2, May 5, 2000
Trex net loss widens in Q1, February 9, 2000
Thermo Electron seeks buyer for Trex Medical, January 31, 2000
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