November 8, 1988 |
Verit Industries Chairman Lavere Lund has sold nearly all of his 40% stake in the struggling Sun Valley company to an English investment group based on the Isle of Man. Paradene Ltd. agreed last week to pay $2 million or about $6.94 a share for 288,000 shares owned by Lund, or about 38% of the company. Paradene is controlled by Raymond Davey and Patrick Rory Bland. Davey works for a London real estate company and lives in Chichester, England. Bland is a property consultant in Dublin.
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.
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.
June 14, 1988
Arthur Dalfen, a Bermuda investor who recently purchased a 5.4% stake in Verit Industries, said last week that he raised his stake to 6.8% of the Sun Valley-based company. Verit manufactures stereo loudspeakers and is a wholesaler of consumer electronic products and "close-out" merchandise. In a filing with the Securities and Exchange Commission, Dalfen said he bought an additional 10,700 Verit shares between May 31 and June 2 at prices ranging between $5.375 and $5.50 a share.
May 17, 1988 |
Some people think paying up front for a product, and taking delivery later, is a time-honored way of doing business. Verit Industries' stockholders might think otherwise. Verit, a Sun Valley wholesaler and manufacturer, recently announced a $606,000 loss for its fiscal third quarter ended March 31, and a $726,000 loss on sales of $8.1 million for the first nine months of its fiscal year.
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.