Hytek reports quarterly loss; revenues fall

Hytek Microsystems of Carson City reported a loss of $39,886 on revenues of $2.7 million in the second quarter.

This compares with net income of $121,988 on revenues of $3.2 million in the same period a year ago.

For the first six months of the year, Hytek reported a net loss of $206,551 on revenues of $5.1 million, as compared to net income of $318,257 on revenues of $6.8 million a year earlier.

The company said its backlog on June 28 totaled $6.54 million, essentially unchanged from the figure 90 days earlier.

Hytek said the loss in the most recent quarter was the result of a settlement it reached in a legal case.

"For the second half of the fiscal year, we expect a very modest increase in revenue and continued improvement in bottom line performance over the first half.

For fiscal year 2003, we anticipate revenues of approximately $10.3 million, with an overall net loss, but significantly less than fiscal year 2002," said John Cole, the company's president.

Hytek specializes in hybrid microelectronic circuits that are used in oil exploration, military applications, satellite systems, industrial electronics, opto-electronics and other applications.