InFocus Up For Sale After Big Loss
The company has confirmed that has hired Thomas Weisel Partners to explore “unsolicited offers” to buy the company. The Company saw a 27% decline in revenues.
The evaluation process is ongoing, and InFocus will provide updates when its has either reached a definitive agreement with a party or terminated the process said a Company spoksprson.
“The fourth quarter concluded what was a very challenging year for InFocus. We entered the quarter with cautious optimism and new products in the pipeline, ready for sale. However, we realized mid-quarter that the continued economic downturn and global reduction in IT spending would require us to re-evaluate our near term priorities and take measures to dramatically reduce our cost structure. On December 15, we announced a significant business restructuring aimed at reducing our breakeven point and preserving cash.” InFocus president and CEO Bob O’Malley said.
O’Malley says InFocus is targeting a quarterly breakeven point of revenue between $50 million to $55 million with gross margins of 18 percent and operating expenses ranging from $10 million to $11 million per quarter. InFocus reports it has $33.4 million in cash reserves.