Traditional Industries Posts $5.46-Million Loss

Traditional Industries reported a $5.46-million loss for the first nine months of its fiscal year, compared with a $4.66-million loss in the comparable year-earlier period.

The latest loss for the period, which ended March 31, came on an 8% decline in Traditional’s revenue, to $40.8 million from $44.3 million.

Traditional sells packages of photographic products and services directly to consumers, generally by offering its own installment credit. The company blamed the losses on a rise in canceled sales, defaulted payments and slower collections.

Traditional also said its sales have declined without a corresponding reduction in its operating costs, which contributed to the losses.