Peerless to post Q4 loss on acquisition integration DALLAS, Sept 15 (Reuters) - Peerless Manufacturing Co. (NasdaqNM:PMFG - news), a manufacturer of filtration equipment used in the utility and natural gas industries, on Friday said it expects to post a loss in the fourth quarter because it is taking too long for the company to integrate a recently-acquired plant.
``The disappointing results for the fourth quarter were substantially adversely affected by slower than expected integration of the company's recently acquired ABCO manufacturing plant,'' said Sherrill Stone, the company's chief executive. The integration would be finished by the second quarter of 2001, he said.
Peerless said it expects to post a loss of about $310,000, or 20 to 25 cents per share, in the fourth quarter. Fiscal year net income should be about $970,000, or 65 to 68 cents per share. Revenues in the fourth quarter will be about $22 million, Peerless said.
Peerless also said it suffered cost overruns and other expenses from a $12 million order it received in December. The company also said it lost $160,000, or 10 cents per share from its separation and filtration products because the energy market for those products still hasn't recovered from a recent downturn.
Shares of Peerless, which said it will release earnings on Sept 26, closed off $1-1/2 at $20-1/2 in trading on the Nasdaq, before the news was reported.