Richmond's International Technologies Corp. (TSX-V:ITI) reported a 65% drop in revenue during its first quarter ending March 31, 2008, due to production and supplier delays.
First-quarter revenue fell to $1.1 million from $3.1 million. Roughly $2 million in backlogged orders were delayed due to a Korean supplier failing to fulfil its obligations. Problems continued into the first quarter resulting in a quarterly net loss of $323,939 compared with a net profit of $141,437 in 2007's first quarter.
To deal with any supplier issues, the company is restructuring its operations and its business plan to include direct ownership of digital product manufacturers.
In January, the company acquired Korean electronics manufacturer MPIO International Co. Ltd., which produces digital music players, voice recorders, digital cameras and other digital devices for the original equipment manufacturer (OEM) market.
ITI's share price range during the past week: between $0.10 and $0.12; 52-week high: $0.32; 52-week low: $0.10.