Boyds Wheels Reports a $2.1-Million Loss

Boyds Wheels Inc. fulfilled President David Asher’s earlier warning of a poor third quarter on Friday, reporting a loss of $2.1 million, or 55 cents a share, for the period, including a charge of $465,000 to account for a bad debt from the bankruptcy of a major customer. A year earlier, the ailing custom-auto wheel and accessories maker posted a profit of $568,000, or 14 cents a share. Revenue for the three months ended Sept. 30 fell to $4.8 million from $7.6 million. For the first nine months, Boyds lost $7.5 million, or $1.75 a share, compared with a profit of $1.7 million, or 55 cents a share, a year earlier. Sales totaled $12.6 million, down from $21.3 million in 1996. The company, which has reorganized its management--a move that included founder Boyd Coddington’s recent resignation as chairman and chief executive--said its performance continued to be affected by significantly lower sales that have resulted in under-use of its recently expanded manufacturing facilities.