ICx Technologies reports growing 2Q loss
ICx Technologies Inc., which announced Monday it has agreed to a takeover by Flir Systems Inc., reported a widening second-quarter loss and falling revenue.
The company's net loss came to $4.5 million, or 11 cents per share, compared with $1.4 million, or 4 cents per share, in the same quarter a year ago.
Revenue fell 20 percent to $36 million from $45 million.
Both figures came in short of Wall Street estimates. Analysts surveyed by Thomson Reuters expected a loss of a penny per share on revenue of $48.2 million.
The results came as Flir said it has agreed to buy ICx for $274 million in cash. The company, which makes thermal imaging and infrared camera systems, is offering $7.55 per share.
The deal sent ICx shares up 86 cents, or 13 percent, to $7.61.