OroAmerica’s Yearly Net Falls to $4.2 Million
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OroAmerica Inc., a gold jewelry manufacturer based in Burbank, said its earnings for the fiscal year that ended Jan. 27 were down 49% from the previous year while sales increased 8%.
OroAmerica reported annual net income of $4.2 million in its latest fiscal year, compared to $8.2 million a year earlier, when early retirement of some debts boosted earnings by about $750,000. Its sales for the fiscal year were $219.4 million, up from $203.4 million a year ago.
The company’s performance in the fourth quarter followed a similar pattern of higher revenues and reduced earnings. Its quarterly earnings of $1.2 million were down 65% compared to $3.4 million in the same three-month period a year before. Quarterly sales totaled $67.8 million compared to $62.3 million in the same period a year earlier.
Guy Benhamou, chief executive officer, said OroAmerica’s earnings were affected by higher sales and administrative expenses and by delays in getting new products on the market.
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