Krause’s Furniture Posts Loss
Krause’s Furniture Inc., which owns Krause’s Sofa Factory, posted a loss for the fiscal year ended Jan. 28, while sales increased.
The company recorded a net loss of $8.7 million, or $2.21 a share, compared with net income of $4.4 million, or $1.09 a share, for the previous year, which included a gain of $12.1 million from the sale of stock in Mr. Coffee. Sales rose 5% to $122.3 million from $116.3 million.
For the fourth quarter, Krause’s lost $4.2 million, or $1.04 a share, compared with a net loss of $1.9 million, or 51 cents a share, for the same period a year ago. Sales were up 2% to $29.9 million from $29.3 million.
The company said fourth-quarter results were affected by weak customer traffic in the pre-Christmas ordering season as well as adverse weather conditions during January.
OptimumCare Corp.: The Laguna Niguel provider of health care management services posted first-quarter net income of $9,534, down from $133,398 for the same period last year. Revenue rose 47% to $2.2 million from $1.5 million. The company said the results reflect the growth of new programs and related start-up costs.