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ORANGE COUNTY BRIEFLY

Krause's Furniture Loses $6.2 Million in 2nd Quarter

September 11, 1996

BREA — Krause's Furniture Inc., the owner of Krause's Sofa Factory, reported that its second-quarter losses widened on lower sales.

New Chief Executive Philip M. Hawley said the company lost sales because it had been unable to stock material needed to fill orders. A recent financial infusion from investors should allow the company to fill its orders more quickly, he said.

Krause's lost $6.2 million, or $1.51 a share, for the second quarter ended July 28, up from a loss of $2.1 million, or 53 cents a share, for the same period a year ago. Sales were down 9% to $26.2 million from $28.9 million.

For the first half, the company recorded a net loss of $9.9 million, or $2.39 a share, compared with a net loss of $3.1 million, or 81 cents a share, for the corresponding period in 1995. Sales declined 9% to $55.9 million from $61.2 million.

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