Citing a $3.1-million loss by its Sunbelt Nursery Group partner company, Intermark Inc. reported a $756,000 loss for its second quarter ended Sept. 30.
The loss, which contrasts with a profit of $529,000 over the same quarter last year, came on revenues of $144 million, up 18% from the $122 million reported for the like period last year. The quarterly profit last year included income of $611,000 from a discontinued operation.
For the year to date, Intermark's loss stands at $5.4 million, which reflects a $7-million first-quarter extraordinary charge for expected costs related to the retiring of debt, contrasted with a profit of $2.1 million for the same six months last year. Revenue this year stands at $308 million, up 17% from $262 million in 1986.
Intermark Chairman Charles R. Scott said the "worst at Sunbelt is now behind us." Sunbelt lost more than $900,000 during the first quarter this year. New management has been installed and overhead cuts made that should save Sunbelt $1 million annually, Scott said in a prepared statement.