After a week of heavy trading and a continuing decline in its stock price, SFE Technologies on Tuesday said it had a $4.1-million loss in the third fiscal quarter ended July 25, pushing it into technical default on some lending agreements.
Jerome J. Jahn, SFE's vice president for finance, said he couldn't account for the stock market activity. He said that the company's results were widely anticipated and that the Rubendall family, which founded the San Fernando-based electronics concern in 1951 and which still owns about 25%, hasn't been selling stock in recent weeks.
SFE stock closed Tuesday at $4 a share in over-the-counter trading, unchanged from Monday but down from $5.375 on Aug. 11 and $7.25 at the end of last year. More than 500,000 SFE shares, a volume equal to nearly 8% of its 6.3 million outstanding shares, have changed hands during the last six days of trading.
The company makes protective components used with semiconductors, and SFE has suffered over the last few quarters along with the rest of its industry. The company's third-quarter loss came on sales of $10.5 million, down 19% from the same period last year, when it lost $1.8 million.