Net sales for the three months ended June 30, 2014 totalled $31.3 million, compared to $39.4 million recorded in the corresponding quarter last year. The Company reported a net loss for the quarter of $2.0 million, or $0.32 per diluted share, compared to net earnings of $1.4 million, or $0.23 per diluted share, in the same period a year ago.
The gross profit for the third quarter of fiscal 2014 was $8.2 million, compared to $13.3 million in the corresponding period last year. As a percentage of net sales, gross profit was 26.0% and 33.7% in the third quarter of fiscal 2014 and 2013, respectively. Operating expenses for the quarter ended June 30, 2014 were $11.1 million, or 35.5% of net sales, compared to $11.0 million, or 27.9% of sales, in the same quarter last year.
On June 26, 2014, the Company announced cost reduction initiatives during the third quarter of fiscal 2014. These initiatives included a planned reduction of approximately 8% of its global workforce, which resulted in a pre-tax charge in the third quarter of approximately $1.2 million. The Company expects the majority of the cost reductions to be fully implemented by the end of fiscal 2014.
Source: www.marketwatch.com