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Verit Industries

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BUSINESS
October 17, 1989
A Bermuda investor raised his stake in Verit Industries and said he might pursue a friendly acquisition of the Sun Valley-based concern. In a filing with the U.S. Securities and Exchange Commission, Arthur Dalfen said he bought an additional 20,000 shares of Verit between April 10 and Oct. 4, at prices ranging from $3.125 to $5.125 a share. He now holds 75,000 Verit shares.
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NEWS
January 4, 1997 | SEBASTIAN ROTELLA, TIMES STAFF WRITER
The terrorists of the Tupac Amaru Revolutionary Movement want to be known as good guerrillas. Along with the explosives strapped to their chests and the bandannas over their faces, the rebels holding the Japanese ambassador's residence here have wrapped themselves in the mantle of Latin America's romantic revolutionary myths.
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BUSINESS
July 12, 1988
A Canadian investment firm bought a 5.4% stake in Verit Industries, a Sun Valley-based maker of stereo loudspeakers and a distributor of electronic products. In a filing with the U.S. Securities and Exchange Commission, Meson Investment Ltd. of Vancouver, British Columbia, said it bought the stock as an investment and might increase or decrease its holdings, depending on market conditions. Meson said it bought 40,800 of Verit's 7.
BUSINESS
September 23, 1992 | From Times Staff and Wire Reports
RTC Sues Developer in Lincoln Probe: The federal agency charged with cleaning up failed thrifts accused Emerald Homes of Texas and others of trying to hide more than $25 million worth of property from regulators in the federal lawsuit over the collapse of Lincoln S&L. The Resolution Trust Corp. filed a racketeering and fraud suit against Emerald, Verit Industries of Texas and three Verit executives, including Phillip J. Polich, who also was Emerald's managing partner.
BUSINESS
August 23, 1988
Verit Industries, a Sun Valley maker of loudspeakers and a distributor of consumer goods, posted a $55,000 loss for its fiscal fourth quarter, compared to a $244,000 loss a year earlier. Verit's sales for the three months that ended June 30 dropped 52%, to $1.72 million, from $3.56 million. For its fiscal year, Verit lost $781,000 compared to net income of $137,000, or 18 cents a share, the previous year. The company's annual sales plummeted to $9.85 million from $25.9 million.
BUSINESS
February 28, 1989 | JAMES F. PELTZ, Times Staff Writer
Verit Industries said Monday that Lavere G. Lund quit as chairman and president of the ailing Sun Valley company, and that the firm plans to abandon its mainstay businesses: the manufacture of stereo loudspeakers and the distribution of other electronic products. No successor to Lund, who had been chairman and president since 1972, has been appointed. Lund, 56, quit to run a new company he started, Lavcon Inc.
BUSINESS
May 15, 1990 | TOM FURLONG, TIMES STAFF WRITER
Verit Industries, a Phoenix-based holding company whose president and largest shareholder has two criminal convictions in Europe, is stumbling in its bid to acquire a stable of publicly held companies through stock swaps. Verit said Monday that its bid to acquire majority control of Iroquois Brands, a Houston-based consumer products concern, has fallen through. That came within a month after the collapse of Verit's bid to buy a Whittier-based toxic-waste control firm.
BUSINESS
November 15, 1988
Verit Industries reported for the first quarter that ended Sept. 30 a loss of $59,000 compared to a loss of $68,000 in the same period a year earlier. Sales fell 4% to $2.3 million from $2.4 million. The Sun Valley company, which makes loudspeakers and distributes consumer goods, attributed its decrease in sales to falling demand for personal electronic products. Two weeks ago Verit Chairman Lavere Lund sold 38% of his holdings in the struggling firm to Paradene Ltd.
BUSINESS
February 9, 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.
BUSINESS
September 23, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
The federal agency charged with cleaning up failed thrifts accused a developer funded by Lincoln Savings & Loan of hiding assets to avoid paying a possible judgment or settlement in the government's pending $2.7-billion fraud and racketeering lawsuit. The Resolution Trust Corp. asserts in a new lawsuit, filed in U.S. District Court in Phoenix late Monday, that Emerald Homes Inc.
BUSINESS
May 15, 1990 | TOM FURLONG, TIMES STAFF WRITER
Verit Industries, a Phoenix-based holding company whose president and largest shareholder has two criminal convictions in Europe, is stumbling in its bid to acquire a stable of publicly held companies through stock swaps. Verit said Monday that its bid to acquire majority control of Iroquois Brands, a Houston-based consumer products concern, has fallen through. That came within a month after the collapse of Verit's bid to buy a Whittier-based toxic-waste control firm.
BUSINESS
December 5, 1989
Verit Industries has agreed to give control of the company to the chairman of Iroquois Brands Ltd. and other investors in exchange for getting 53% of Iroquois' stock. Verit, formerly a loudspeaker manufacturer in Sun Valley, no longer has operating divisions and is a shell company that has moved to Los Angeles. Its main asset is about $1 million in cash. Houston-based Iroquois makes industrial power tools and other products.
BUSINESS
October 17, 1989
A Bermuda investor raised his stake in Verit Industries and said he might pursue a friendly acquisition of the Sun Valley-based concern. In a filing with the U.S. Securities and Exchange Commission, Arthur Dalfen said he bought an additional 20,000 shares of Verit between April 10 and Oct. 4, at prices ranging from $3.125 to $5.125 a share. He now holds 75,000 Verit shares.
BUSINESS
February 28, 1989 | JAMES F. PELTZ, Times Staff Writer
Verit Industries said Monday that Lavere G. Lund quit as chairman and president of the ailing Sun Valley company, and that the firm plans to abandon its mainstay businesses: the manufacture of stereo loudspeakers and the distribution of other electronic products. No successor to Lund, who had been chairman and president since 1972, has been appointed. Lund, 56, quit to run a new company he started, Lavcon Inc.
BUSINESS
February 21, 1989
Verit Industries, a Sun Valley manufacturer and distributor of stereo speakers and other products, reported a fiscal second-quarter loss of $290,000. A year earlier, Verit lost $52,000. The latest loss came on a 36% drop in revenue in the quarter that ended Dec. 31, 1988, to $2.06 million from $3.21 million, and included a one-time, $212,000 pretax charge against earnings. The charge stemmed largely from a write-down in the value of securities held by Verit.
BUSINESS
November 15, 1988
Verit Industries reported for the first quarter that ended Sept. 30 a loss of $59,000 compared to a loss of $68,000 in the same period a year earlier. Sales fell 4% to $2.3 million from $2.4 million. The Sun Valley company, which makes loudspeakers and distributes consumer goods, attributed its decrease in sales to falling demand for personal electronic products. Two weeks ago Verit Chairman Lavere Lund sold 38% of his holdings in the struggling firm to Paradene Ltd.
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