Franklin’s PLC Systems Inc., which was recently delisted from the NYSE Alternext stock exchange, reported smaller third quarter losses compared to the same period last year.
The company said its net loss for the quarter was $285,000. Its operating loss was $366,000. PLC reported a net loss of $499,000 and an operating loss of $604,000 in the third quarter of 2007.
Third quarter revenue increased to $1.6 million from $1.3 million a year ago. The company said it spent less on selling, general and administrative and research and development costs compared to last year, as well.
The medical device company was delisted from the NYSE Alternext stock exchange Monday after posting annual losses in three of its last four fiscal years and its stockholder equity dipped below $4 million.
The company plans to trade its stock on the Over-The-Counter Bulletin Board, and until then, its stock is available on the pink sheet system, which does not require the company to meet minimum listing requirements or file with the U.S. Securities and Exchange Commission.
