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VALLEY EARNINGS

Verit's 2nd-Quarter Loss Reflects 58% Drop in Sales

February 09, 1988

Verit Industries reported a $52,000 loss for its fiscal second quarter on a 58% drop in sales from a year earlier.

Based in Sun Valley, Verit, a maker of stereo speakers and other consumer goods, said the loss in the quarter ended Dec. 31 came on sales of $3.21 million. A year ago, Verit earned $225,000, or 30 cents a share, on sales of $7.64 million. The company blamed the loss on lower demand for its consumer electronic products and sales of closed-out merchandise.

For the first half of its fiscal year, Verit lost $120,000, contrasted with a year-earlier profit of $445,000, or 59 cents a share. Six-month sales skidded 70% to $5.60 million from $18.9 million.

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