US: Boot maker McRae Industries swings to Q1 loss
McRae Industries Inc, whose business ranges from boot making to bar-codes, has swung to a third quarter loss on lower sales in all its business units coupled with the cost of downsizing of its bar-code unit.
Net loss was $1.58m or $0.55 per diluted share, compared to earnings of $1.08m or $0.50 per share, in the same period last year.
Revenues tumbled 35.3% to $13.02m, down from $20.12m last time.
The company's military boot business swing to an operating loss of $393,000, from a profit of $849,000 a year earlier, as sales more than halved to $3m on lower government demand for combat boots.
Supply chain disruptions due to new material requirements for its children's footwear products pushed McRae Industries to a 23.4% sales drop in its Western and work boot unit.
Revenues fell to $8.2m, and operating loss was $1.2m versus a profit of $1.0m last time.
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