US: Hirsch International hit by fall in machinery sales
Hirsch International Corp, which supplies embroidery and screen printing equipment to the garment industry, has widened its second quarter loss after its customers cut back on buying new machinery.
The company also said it has been hurt by the large amount of used equipment on the market, and has "accelerated our cost and expense reduction programs in an effort to at least partially offset the devastating effects of this depressed economy."
Losses for the three months to 30 June widened to $2.2m from a loss of $1.0m in the same period last year, while sales fell 39% to $6.2m.
Selling, general and administrative expenses were down by $1.2m to $3.2m after the company cut compensation, travel and auto expenses.
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