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Digital Power reports revised resultsMonday 9 September 2013 10:49 CEST
Digital Power Corporation announced revised financial results for the second quarter ended June 30, 2013. The company's net loss for Q2 2013 is unchanged from that previously reported on August 19, 2013.
The revision is the results of a reclassification of the impairment cost related to its investment in Telkoor from an operating expense to a separate other expense line item below operating income.
Digital Power's revenues for the second quarter ended June 30, 2013 were $2,227,000, a decrease of 24% from revenue of $2,942,000 for the same quarter ended June 30, 2012.
Net loss for the quarter ended on June 30, 2013 was $125,000, a decrease of 126% from the profit of $478,000 in the quarter ended on June 30, 2012. Gross margin in the second quarter ended June 30, 2013 was 40%, a decrease from 43% reported in June 30, 2012.
Operating income for the second quarter ended June 30, 2013 was $76,000, a decrease of 84% for the same quarter ended June 30, 2012. Lastly, the company recorded an impairment expense of $196,000 related to its investment in Telkoor in the quarter ended June 30, 2013 based upon the result of an updated independent third party valuation.