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C&D Technologies Q3 Loss Widens

(RTTNews) - C&D Technologies, Inc (CHHP.PK), Friday reported a wider loss for the third quarter.

For the third quarter ended October 31, C&D Technologies reported a GAAP net loss of $6.4 million or $0.25 per share, compared to a GAAP net loss of $3.4 million or $0.13 per share in the year-ago period.

Adjusted net loss for the quarter narrowed to $3.4 million from $3.4 million in the prior-year period. On a per-share basis, adjusted loss was unchanged at $0.13 per share.

Jeffrey Graves, President and CEO, said, "We are making progress with our capital restructuring efforts, which are required to address our capital structure challenges. For over 100 years C & D Technologies has endured various business and economic cycles, and we are committed to continuing that legacy well into the future."

Net sales for the quarter dropped to $87.6 million from $91.2 million in the year-ago period. The company said third-quarter revenues were the highest quarterly revenues this fiscal year.

C & D Technologies said it is benefitting from its industry leading reputation for providing the best-performing, highest-quality, most reliable and dependable energy storage solutions, with the market focused on value for price.

C&D said its exchange offer of shares of its common stock in exchange for outstanding Notes has commenced, but the solicitation and the offer to exchange such notes will only be made pursuant to the tender offer statement. Epiq Bankruptcy Solutions, LLC is serving as exchange agent and information agent for the exchange offer and as tabulation agent for the solicitation of the prepackaged bankruptcy plan.

C&D Technologies, Inc. provides solutions and services for the switchgear and control, telecommunications, and uninterruptible power supply, as well as emerging markets such as solar power.