PCC Group Says Chip Heist Cost Millions in Sales : Earnings: The Brea personal computer maker cites February armed robbery for $172,000 in missed profit. It has filed an insurance claim to recoup loss.
BREA — PCC Group, a manufacturer of personal computers, said Tuesday that an armed robbery of computer chips in February cost it $5.9 million in revenue during the latest quarter.
Lauro Valdovinos, chief financial officer, said he estimates that the company missed out on $172,000 in profit because of a heist in which eight masked robbers tied up four company employees and made off with 80 boxes containing $2.2 million in computer chips.
The company has filed an insurance claim and hopes to recoup its losses. Valdovinos said Brea police have arrested four people in connection with the robbery, and several hundred thousand dollars worth of chips have been recovered.
“The chips do not have serial numbers on them,†he said, “so it isn’t likely they will all be recovered.â€
Meanwhile, the company reported that its revenue fell slightly to $22.3 million for its second fiscal quarter, which ended March 31. That compared to revenue of $23.2 million for the same period a year earlier. Profit was $145,000, or 5 cents a share, down from earnings of $501,000, or 19 cents a share, a year earlier.
For the first half of its fiscal year, PCC Group posted a profit of $603,000, or 26 cents a share, compared to earnings of $1.1 million, or 43 cents a share, a year earlier. Six-month revenue was $48.1 million, up from $46 million.
Besides the robbery, the company cited severe price competition for its razor-thin profit margins.
