Hines Horticulture Posts Loss; Rain Cited
From the Associated Press
Hines Horticulture Inc., a supplier of plants to retail nurseries, said it swung to a second-quarter loss because of bad weather and poor market conditions.
The Irvine company lost $774,000, or 4 cents a share, contrasted with a profit of $14.7 million, or 67 cents, a year earlier. Revenue dropped to $154.9 million from $176.9 million.
“Delayed product availability as a result of rain in Northern California, poor product sell-through at our customers’ stores in the Southeast and lost market share throughout the Eastern region all contributed to the sales decline,” Chief Executive Rob Ferguson said in a statement.
