Variflex Reports Loss of $1.9 Million for Year

Variflex Inc. in Moorpark, a provider of recreational products, reported a net loss of $1.9 million, or 39 cents per share on revenue of $55.2 million for the year that ended July 31.

This compares with net income of $803,000, or 14 cents per share, on revenue of $37.3 million for the previous fiscal year.

The 48% increase in revenue represented the first full year since fiscal 1995 that Variflex reported a year-to-year rise in sales.

For the fourth quarter, Variflex reported a net loss of $2.1 million, or 47 cents per share on revenue of $17.6 million, compared with net income of $246,000, or 4 cents per share on revenue of $7.4 million for the same three-month period a year ago.

During the first three quarters of fiscal 2000, Variflex incurred substantial costs related to litigation involving the company’s instant canopy products. That litigation was concluded in the third quarter.

Variflex is a wholesale distributor of in-line skates, skateboards, scooters, recreational protective equipment, portable canopies and spring-less trampolines.