Rakon plunges deeper into the red on writedowns; shares tumble 8 percent

Wed, 22 May 2013

By Paul McBeth May 23 (BusinessDesk) - Rakon, which makes crystal oscillators used in smart phones and navigation systems, plunged deeper into the red after writing down the value of its Chinese and New Zealand units, and posting underlying earnings at the bottom of its twice-downgraded guidance. The Auckland-based company made a loss of $32.8 million, or 17.1 cents per share, in the 12 months ended March 31, from a loss of $420,000, or 0.2 cents, a year earlier, it said in a statement. Earnings before interest, tax, depreciation and amorti...

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