Spacetec Financials

Spacetec IMC Corporation, maker of 3D input controllers such as the SpaceOrb 360 for the consumer games market as well as developer of hardware for Boeing, General Motors and NASA, among other companies, released its third quarter financial results today. The company took in US$1.9 million in revenue for the quarter, which ended Dec. 31, 1998. That translated into a net loss of $162,000 (2 cents per share) for the quarter.

Spacetec had $1.4 million in revenue for the preceding quarter (for a loss of $1,175,000 or 17 cents per share). Revenues for the third quarter one year ago were $2.5 million (a loss of $811,000 or 11 cents per share).

George Rea, acting CEO at Spacetec, predictably put a positive spin on those results. " continued to reduce our overhead and expense structure to bring them in line with our revenues. Indeed, except for one-time costs and accounting adjustments of approximately $180,000 related to our restructuring, the third quarter would have been profitable, as compared with quarterly losses posted in the past two years. Our revenues were higher than last quarter, primarily due to shipment of the Sphere360 controllers to ASCII for the Sony PlayStation and increased orders from our traditional CAD/CAM customer base."

Spacetec has announced plans to merge with a company called Labtec. Stockholders will be asked to vote on matters related to that proposed merger later this month.