Helionetics Inc. reported a third-quarter loss from continuing operations of $506,000, contrasted with income from continuing operations of $196,000 for the same period a year ago.
In the most recent period, a loss from discontinued operations of $267,000 pushed the net loss to $773,000. For the comparable period last year, a loss from discontinued operations of $92,000 reduced net income to $104,000.
The Irvine-based company attributed the loss from continuing operations to expenses associated with the Chapter 11 bankruptcy petition it filed in July. Under provisions of Chapter 11 of the Federal Bankruptcy Code, a company is protected from its creditors' claims while it works out a plan to pay its bills.
Helionetics' third-quarter revenue totaled $3.6 million, down 2.7% from $3.7 million for the same period the prior year.
For the first nine months, Helionetics reported a net loss of $3.3 million, compared to a net loss of $4.8 million a year earlier. Revenue of $11.1 million for the nine months was up 20.7% from $9.2 million for the same period last year.