PT Announces Second Quarter Financial Results

PT

, the recently rebranded Performance Technologies, today announced its financial results for the second quarter 2010. Revenue in the second quarter 2010 amounted to $7.4 million, compared to $6.4 million in the second quarter 2009. Revenue for the six months ended June 30, 2010 amounted to $14.8 million, compared to $13.3 million during the corresponding period in 2009. The Company incurred a net loss in the second quarter 2010 in the amount of ($2.0 million), or ($.18) per basic share, including a restructuring charge of $.01 per share and stock-based compensation expense of $.01 per share, based on 11.1 million shares outstanding. PT incurred a net loss in the second quarter 2009 in the amount of ($4.7 million), or ($.43) per basic share, including a non-cash income tax charge to record a valuation allowance against the Company's United States deferred tax assets in the amount of $.30 per share; a discrete income tax benefit of $.01 per share; and stock-based compensation expense of $.01 per share, based on 11.1 million shares outstanding.