Herley Industries [HRLY] last week said that it has hired the investment banking services provider Jefferies Quarterdeck to assist the company in exploring its strategic alternatives, which typically refers to a company putting itself up for sale.
Herley, which designs and manufactures microwave technology components and subsystems primarily for the defense and aerospace market, didn’t provide a reason why it is considering a sale.
The small Pennsylvania-based company has a little more than $108 million in sales for the first three quarters of its fiscal year and net losses exceeding $10 million, due to series of litigation settlements. However, Herley believes that going forward legal expenses will not be a dominant factor in its earnings results.
In the spring Herley reached a settlement with the United States government on criminal and civil claims that cost the company $9.5 million.