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Galion-based Peco said Wednesday it lost $2.4 or 9 cents a compared with a loss of or 4 centsa share, in the firsg quarter of 2006. Revenued for the quarter ended March 31 stoodat $8.1 down 22.7 percent from $10.45 million last year. The company attributed the loss to excesz factory and production costs and lowedr sales to an undisclosedkey customer. "Recognizing the ongoingf uncertainty, the company implemented a cost-reductiomn program during the first quarter of2007 that, when fully implemented, is expected to deliver $4.
2 milliom of annualized cost savings with improvements being realized starting in the second quartetr of 2007," CEO John Heindel said in a He also said the company planas to outsource certain manufacturing operationx to cut costs. Peco (NASDAQ:PIII) provides engineering and installatioh services and makes communicationse power systems and equipment for thetelecommunications industry.
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