Everest & Jennings Reports Losses for Quarter, Year
Everest & Jennings International Ltd., a struggling wheelchair maker based in Camarillo, said it lost $4.1 million in this year’s first quarter that ended March 31, contrasted with a loss of $1.07 million in the first quarter of 1989. Its first-quarter sales rose to $50 million from $43.3 million.
The struggling company also released its figures for all of 1989, posting a loss of $42.1 million for last year, which contrasted with a profit of $1.99 million in 1988.
The 1989 loss was expected. Everest & Jennings had announced in April that it planned to post a loss of that size because of restructuring costs, inventory writedowns and start-up expenses for new products.
Everest & Jennings’ annual sales fell to $183.9 million last year from $188.4 million the previous year.
The results triggered a 20% drop in the company’s stock Monday. Everest & Jennings’ Class A stock fell 75 cents a share, to $3, making it the biggest percentage loser on the American Stock Exchange.
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