Firm Blames Loss on Federal Budget Crisis
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NEWPORT BEACH — Smith Environmental Technologies Corp., an environmental services company, said delayed funding for a large federal contract will cause it to report lower revenue and an operating loss for the second fiscal quarter ended March 31.
The loss will be about $2.5 million for the quarter and revenue will be $36 million, or $10 million below its most recent quarter and $3 million below the same quarter last year.
Smith Environmental said the delay, caused by the government’s budget crisis, reduced revenue from the contract to $6 million from $13 million in the preceding quarter. It has since returned to full funding, the company said.
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