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CML Group's Losses May Fold Company

October 30, 1998| Bloomberg News

CML Group Inc., maker of NordicTrack fitness equipment, said its independent auditors are expected to say they're not certain the company will be able to continue as a going concern amid continued losses. The company, which also makes Smith & Hawken garden supplies, said it plans to request a 15-day extension from the Securities and Exchange Commission in the filing of the company's annual report for the fiscal year ended July 31. The Acton, Mass.-based company reported a fourth-quarter net loss of $25million, or 49 cents a share, compared with a year-earlier loss of $12.8million, or 26 cents a share, because of losses in its fitness equipment business. Sales fell 24% to $47.5million. CML said it's in discussions with unnamed lenders to get continued financing for its Smith & Hawken retail store expansion.

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