“Speaking on behalf of all Merge's directors, I want to apologize for the company's very disappointing second-quarter results,” Merge Board Chairman Michael Ferro Jr., the largest shareholder, said in a news release.
The company reported that sales fell to $57.2 million for the second quarter of 2013, down from $62.9 million for the same period in 2012.
The company posted a net loss of $27.8 million for the second quarter of 2013, up from a $7.2 million loss for the period the year before. Most of that increased loss came from $16.9 million in early debt retirement costs. The company posted a net loss of $0.30 per share for the second quarter of 2013 compared with a net loss of $0.06 per share for the same period in 2012, according to its filings with the Securities and Exchange Commission.
Merge shares closed at $2.43, down $2.07 or 46% on Friday.
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