Intermark: The San Diego-based firm reported a...
Intermark: The San Diego-based firm reported a $7.2-million net loss for the fourth quarter ended March 31, contrasted with a $12.6-million net profit during the like quarter a year earlier. Revenue rose by 4%, to $175 million, up from $168 million a year earlier.
Intermark reported $215,000 in net income for the fiscal year ended March 31, down from $6.4 million during the previous fiscal year. Revenue for the year increased by 16%, to $721 million, up from $620 million a year earlier.
Intermark’s 1989 results were adversely affected by a $5-million loss sustained by Dynamark Ltd., a 50%-owned subsidiary. Also, Intermark recorded an $8-million charge in connection with a loss at Sunbelt Nursery Group, a 50%-owned subsidiary that recently closed a number of unprofitable stores.
The losses at Sunbelt and Dynamark offset record net income at Pier 1 Imports, another subsidiary, that grew by 36% to a record $21.9 million.
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