Ionics Inc., a supplier of water treatment systems, has restated first- and second-quarter results to accurately reflect transactions with its French unit, which it said is losing money and will be downsized.
The company, based in Watertown, Massachusetts, made the announcement while reporting a large drop in third-quarter earnings, which it also attributed to the French unit. The company said third-quarter revenues fell to $86.8 million, from $118.3 million a year earlier.
It reported third-quarter net income of $400,000, or 2 cents per share, down from $4.2 million, or 24 cents per share. Excluding losses at its subsidiary in France, earnings were 11 cents per share, it said. Ionics said it would downsize, discontinue and consolidate operations at the French unit.