HOME MAKER FEELS LOSS REXHALL'S PROFITS FALL 17 PERCENT.Byline: Daily News LANCASTER Lancaster, city, England Lancaster (lăng`kəstər), city (1991 pop. 43,902) and district, county seat of Lancashire, NW England, on the Lune River. - Rexhall Industries Inc. reported a 2 percent increase in revenue but a 17 percent decrease in profits in the third quarter. From June June: see month. through September September: see month. , the Lancaster mobile home manufacturer boasted revenue of $12.9 million, but profits dropped to $1 million from $1.3 million in the third quarter of 2001. Overall this year, revenue is up 11 percent to $49.2 million and profits down 2 percent. Audit and legal fees resulting from the extensive review of the company's accounting records have cost about $750,000 before the effects on taxes, company officials noted. Without those costs, the net loss for the third quarter from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the would have been approximately $457,000. ``Management's focus was on the review of the company's accounting records and working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to keep the company's stock from being delisted from the Nasdaq,'' William J. Rex, company president and chief executive officer, said in a news release. ``If there is any good news from this $750,000, it is that our shareholders should have more confidence in our financials after this scrutiny.'' ``The day-to-day business did suffer while we were focused on the reviews and not getting delisted,'' added Michael Bourne Michael Bourne was a fictional character in the US soap opera Sunset Beach portrayed by American actor Jason Winston George during the show's entire run. Character History The Beginning Michael was always a good person. , chief operations and chief financial officer. ``This resulted in production challenges not being resolved timely, which caused approximately two weeks' worth of production to not get completed and shipped by quarter end. While we are still addressing some of the challenges that developed during the quarter, it is encouraging to be able to return our focus to regular business issues.'' |
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