Advertisement
YOU ARE HERE: LAT HomeCollections

EARNINGS

Commodore International Posts $20.8-Million Loss

April 27, 1985

Commodore International reported a loss of $20.8 million for the third quarter ended March 31, compared to net income of $36.3 million in the same period last year. Sales for the quarter declined 48.5% to $168.3 million.

Net income for the nine-month period was $10.1 million, compared to $110.7 million in the same period last year.

Sales fell to $751.2 million from $966.9 million.

Chairman Irving Gould said that "third-quarter revenue and earnings were affected by a price reduction in February, a reluctance of retailers to rebuild rapidly their depleted Commodore products inventory and by the general slowdown in our non-U.S. sales."

Gould said the third-quarter and nine-month results were also hurt by the strong dollar. Had the dollar been at the previous year's level, Gould said, revenue would have been $15.3 million higher for the quarter and $68.6 million for the nine months.

He added that, "while current market conditions lead us to anticipate a loss for fiscal 1985, we are confident that Commodore's worldwide strength in product, manufacturing and distribution positions the company well for renewed growth and profitability in the near future."

Advertisement
Los Angeles Times Articles
|
|
|