InFocus Corporation last week announced its first quarter 2009 financial results. For the quarter ending March 31st, the Company reported revenues of $44.4 million and a net loss of $8.1 million, or $0.20 per share, compared to revenues of $51.4 million and a net loss of $13.1 million, or $0.32 per share, in the fourth quarter of 2008 and revenues of $61.0 million and a net loss of $1.8 million, or $0.05 per share, in the first quarter of 2008.
Included in the first quarter 2009 results are restructuring charges of $1.0 million, an asset impairment charge of $1.2 million and value added tax assessment of $0.6 million. The restructuring charge consisted primarily of costs associated with lease losses of vacated and unutilized facilities, and accounted for $0.02 of the net loss per share. The impairment charge related to a fair value adjustment of the Company’s fixed assets accounted for $0.03 of the net loss per share. The tax assessment related to foreign jurisdiction value added taxes and interest for product shipments from 2002 and accounted for $0.01 of the net loss per share. Excluding these charges, pro forma operating loss for the first quarter was $5.6 million.
If you’re a regular rAVe reader you know that on April 13th the Company announced that it had entered into a definitive agreement and plan of merger with Image Holdings Corporation (IHC) and its wholly-owned subsidiary, IC Acquisition Corp (IC). Under the terms of the agreement, IHC will cause IC to make an all cash tender offer to acquire all outstanding shares of InFocus stock for $0.95 per share, or an aggregate value of approximately $39 million. The tender offer is expected to commence on or around April 27, 2009.