PIA Warns of High Loss
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IRVINE — PIA Merchandising Services Inc. said Thursday that its expected loss for the second quarter will be “substantially” greater than the loss of 5 cents a share predicted by analysts. The company said it is instituting several cost-cutting measures because of the results.
The company also said it expects operating results for the rest of the year to be “substantially below last year’s results despite increasing revenues.”
The company, which provides in-store merchandising and sales services at grocery stores mainly for brand-name manufacturers, also said that it has hired Terry R. Peets as president and chief executive. Peets had been an executive vice president for grocery retailer Vons Cos.
Peets replaces Clinton E. Owens as chief executive and Thomas Goss as president. Owens remains as chairman. Goss left the company several months ago.
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