Traditional Industries’ 3rd-Quarter Profit Up 38%
Traditional Industries, a Westlake Village company that markets photographic supplies and processes film, reported that its profit was up 38% to $341,373, or 29 cents a share, for its third quarter ended March 31. Sales were up 44% from the same period last year, to $5.1 million.
For the nine-month period ended March 31, the company reported net income of $1.1 million, or 95 cents a share, up 66% from the corresponding period a year earlier. Sales for the nine months rose 54%, to $15.1 million.
Arland D. Dunn, chairman and chief executive, said the company is continuing to expand. He declined to elaborate, citing the Securities and Exchange Commission’s so-called quiet-period restrictions on companies that have made recent securities offerings. Traditional Industries went public in April.
Traditional Industries disclosed, however, that it is being sued by the Bank of Whittier in Orange County Superior Court for $150,000 in actual damages and $1 million in punitive damages. Dunn said the case involved a loan guarantee that the company made and later rescinded.
He called the suit “frivolous” but said the company “could, at the very worst, only be liable for between $30,000 and $50,000.”
Operating 51 retail outlets around the nation, Traditional Industries sells packages that typically include a camera, a photo album and discount coupons for film processing.
In the San Fernando Valley area, the company operates one store, which is next to its Westlake Village headquarters.