MSI POSTS LOSS IN LONG-DELAYED 2001 Q3 RESULTS.
Trading in the stock had been halted since February due to financial disclosure issues, including the company's default under loan agreements and the termination of Dirk Dischino, MSI's chief financial officer. The company and some of its officers and directors still face numerous class-action lawsuits by investors claiming violations of federal securities fraud, among other things.
For the third quarter ended Dec. 31, 2001, the company reported a net loss of $11.3 million, compared with net income of $3.1 million for the same quarter in the prior year. Sales for the quarter were $43 million, an increase of 25 percent over sales in the same period a year earlier of $34.3 million. However, the 2001 third-quarter sales figure includes $14.2 million in sales from Terraillon, which MSI acquired last August. Excluding the Terraillon figure, MSI's sales declined 16 percent to $28.8 million.
For the nine-month period, MSI reported a net loss of $13.8 million, compared with net income of $7.2 million for the same period in 2000. Net sales for the nine months were $103.8 million, compared with sales of $78.9 million for the prior-year period.
Net sales in MSI's consumer products business, which includes bath and kitchen scales, increased 44 percent to $28.8 million for the quarter, up from $20 million for the period in 2000. However, excluding the Terraillon figures, consumer product sales were $14.6 million for the quarter, down 27 percent from sales in the division of $20 million in last year's quarter. The company attributed the decrease "primarily to a reduction in tire gauge sales and promotions, and Park Zone sales during the quarter."
"The decrease was partially offset by stronger bath scale sales," the company said in its Securities and Exchange Commission 10-Q filing.
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|Title Annotation:||Measurement Specialties Inc. finally filed its third-quarter 2001 earning report|
|Comment:||MSI POSTS LOSS IN LONG-DELAYED 2001 Q3 RESULTS.(Measurement Specialties Inc. finally filed its third-quarter 2001 earning report)(Brief Article)(Statistical Data Included)|
|Publication:||HFN The Weekly Newspaper for the Home Furnishing Network|
|Article Type:||Brief Article|
|Date:||Jun 10, 2002|
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