TurboChef Technologies, Inc. reported financial results for the three months ended March 31, 2008. First quarter 2008 revenue was $24.5 million, a 34% increase over the year-ago quarter revenue of $18.3 million. First quarter revenue included $326,000 attributable to the company’s Residential segment, a 36% increase over the fourth quarter of 2007. Overall gross margins were 40% for the quarter; 280 basis points improved over the year-ago quarter. The Residential segment reported an operating loss of $3.5 million for the quarter, approximately 14% greater than the year-ago quarter. The company is taking steps to recalibrate its Residential sales and marketing spending in light of current market conditions and the MSLO transaction. Accordingly, a number of cost-reduction initiatives were recently implemented, including reducing headcount by 14, curtailing media buys and other advertising programs and optimizing the timetable for new product development plans. The Commercial segment posted operating income of $2.6 million, an 87% increase over the prior year’s first quarter.
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