Energy Conversion Devices Inc. (NASDAQ: ENER) reported Tuesday that it posted a loss in the fiscal 2010 second quarter, hurt by a number of one-time costs, including those related to company layoffs, according to Associated Press.
The company, which makes solar panel products, posted a loss of $39 million, or 92 cents per share, compared with a year-earlier profit of $13 million, or 31 cents per share.
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The quarter's one-time charges included a $2.5 million inventory write off, $1.3 million in writedowns related to asset values, $2.4 million in restructuring expenses and a $7.4 million charge for underutilization of factories.
Revenue dropped to $52.9 million from $103.1 million in the same period last year. Analysts polled by Thomson Reuters forecast a loss of 43 cents per share on $49 million in sales.
Shares fell $1.11, or 12.4 percent, to $7.78 in afternoon trading after touching a 52-week low of $8.01.
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