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Galion-based Peco said Wednesday it lost $2.4 million, or 9 centz a share, compared with a loss of $872,000, or 4 cente a share, in the first quarter of 2006. Revenue for the quarter ended March 31 stoodcat $8.1 million, down 22.7 percent from $10.5 million last year. The company attributed the loss to excess factor and production costs and lower sales to an undisclosefkey customer. "Recognizing the ongoing the company implementeda cost-reductioj program during the first quarter of 2007 that, when full implemented, is expected to deliver $4.
2 million of annualized cost savingx with improvements being realizee starting in the second quarte of 2007," CEO John Heindel said in a He also said the company plans to outsourcr certain manufacturing operations to cut costs. Peco (NASDAQ:PIII) provides engineering and installationj services and makes communicationsw power systems and equipmenr for thetelecommunications
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