Xircom Posts $3.3-Million Loss for Fiscal 1997

Xircom Inc. in Thousand Oaks reported a net loss of $3.3 million or 16 cents per share for the fiscal year ended Sept. 30.

Net sales for the year were $184.6 million, compared with $166.8 million for the previous year.

The net loss for the year compared with income of $5.2 million or 26 cents per share for fiscal 1996. Much of this year’s loss was attributed to the acquisition of certain assets from Angia Communications.

Net sales for the fourth quarter of fiscal 1997 totaled $20.9 million, compared with $49.1 million for the comparable quarter of last year.

Loss from continuing operations was $12.8 million or 57 cents per share, compared with income from continuing operations of $2.5 million or 12 cents per share last year.

The fourth-quarter loss includes a $3.8-million charge for additional inventory reserves and severance and reorganization expenses.

Dirk Gates, Xircom chairman, president and chief executive officer, said that despite the year-end figures, there were several positive developments for the company in the last year. For example, he said, Xircom received a $52-million equity investment and signed a three-year technology and manufacturing agreement with Intel Corp. The company also introduced 19 new products.

Xircom manufactures PC card and CardBus communications products to connect mobile and remote portable PC users to corporate networks, the Internet and other online services.