Day Runner Profit Up 14% Despite 11% Drop in Sales

Day Runner Inc. posted a higher third-quarter profit despite an 11% drop in sales.

The Irvine manufacturer of organizers and planners reported net income of $745,000, or 11 cents a share, for the quarter ended March 31, 14% higher than the $652,000, or 10 cents a share, recorded for the comparable quarter a year earlier. Sales dropped to $18.1 million from $20.4 million. The company said the decline was due primarily to lower than expected sales to Wal-Mart, its largest customer in fiscal 1995.

Net income for the nine-month period increased 44% to $8.8 million, or $1.35 a share, from $6.1 million, or 96 cents a share, for the same period a year earlier. Sales were up 3% to $91 million from $88.7 million.