Intermec 1Q loss widens, CEO departs
Intermec Inc. said Tuesday that its first-quarter loss widened on higher costs, and its CEO left the company, which makes barcode printers and radio frequency identification products.
The company said that due to the departure of CEO Patrick J. Byrne, it would not provide financial guidance on its prospects.
Byrne was also president and a member of the board. The company said Chairman Allen J. Lauer had been named interim CEO and president until a permanent replacement is picked. Lauer is a retired CEO of scientific instruments maker Varian Inc. and has been on the Intermec board since 2003.
The shares fell 8 cents to $5.40 in afternoon trading.
The company said that it lost $16.4 million or 27 cents per share, in the first quarter, compared with a loss of $6.1 million, or 10 cents per share, a year earlier.
Excluding items such as acquisition costs, the company said it would have lost 21 cents per share.
Revenue rose 1 percent to $179.7 million.
The consensus estimate of three analysts surveyed by FactSet was for a loss of 23 cents per share on revenue of 179.8 million.
Total costs rose to $198.4 million from $187.1 million. Overhead expenses climbed to $66 million from $54.2 million.