Diceon Electronics Inc

Wounded by the recession and a continuing legal battle with an unfriendly suitor, Diceon Electronics Inc. said Tuesday that it lost $2.7 million for its third quarter, on a 23% plunge in revenue. The computer products company reported revenue for the three months ended June 29 of $24.3 million, down from $31.7 million a year earlier. The company called the results "unacceptable" and blamed the recession's effect on the computer industry.

Diceon Electronics was in a downward spiral. With sales of its specialized computer circuit boards plummeting and losses growing through the early 1990s, it began laying off a third of its workers. It eventually became insolvent, and its stock was removed from trading on the Nasdaq market system. The story is familiar in the competitive high-technology industry, where companies rise and crash so fast they barely register a notch on the Richter scale.

Diceon Electronics Inc., a circuit board and back panel manufacturer, recorded a loss of $1.6 million, or 32 cents a share, for its first fiscal quarter. That compared to a loss of $2.2 million, or 43 cents a share, for the same period a year earlier. Sales for the quarter ended Jan. 2 increased 11% to $28.8 million from $25.9 million.

Deadline Extended: Calvary Partners LP extended the deadline Monday for its tender offer for all shares of Diceon Electronics Inc., the electronics equipment maker in Irvine. The offer was due to expire at midnight on Monday. Calvary launched a $5.25-a-share, or $27.2-million, offer for Diceon on Dec. 6. Diceon directors have rejected the offer as inadequate.

Diceon Electronics, a maker of circuit boards and back panels for computers, said Monday that its president and senior vice president have resigned and that it has cut about 15% of its work force. The Irvine-based company said that its board of directors elected Chairman Milan Mandaric to the additional posts of president and chief executive officer after Peter Jonas resigned from those positions. Jonas will remain with the company as a consultant and as a member of the board.

Diceon Electronics Inc., an Irvine printer circuit-board maker, said that it has filed a registration statement with the Securities and Exchange Commission for an offering of $30 million of convertible subordinated debentures. The notes would be due March 1, 2012. However, the company said the debentures would be redeemable, in whole or in part, at the option of the company any time on or after March 1, 1989. Kidder, Peabody & Co. Inc. is handling the offering.

Diceon Layoffs: Diceon Electronics Inc., a maker of computer circuit boards, said Friday it will lay off about 160 employees, 80 of whom work at the company's Irvine headquarters. All operations and administrative departments will be affected by the 14% reduction in Diceon's 1,130-person work force, Chief Executive Officer Peter Jonas said. The layoffs will result in a one-time charge of about $600,000 for the three months ended Dec. 31.