Valley Media's Loss Narrows, Sales Decline in Mixed Fiscal 2002 Q1 Results13 Aug, 2001 By: Hive News
Woodland, Calif.- headquartered distributor Valley Media Inc. reported in its financial statement forthe fiscal quarter ended June 30, 2001, that sales has slipped but its overall loss had shrunk significantly.
C.e.o. Peter Berger reported net sales of $142.9 million for the company's first quarter compared to $181.3 million for the previous year quarter, a decrease of 20%. Gross margin improved from 7.8% of net sales in the previous fiscal year quarter to 12.6% in the first quarter of fiscal 2002.
Berger said the company would post a net loss of $2.5 million ($ 0.30 per share),compared to a net loss of $6.9 million ($0.82 per share) in the prior year quarter. Berger pointed out that the pre-tax operatingloss of $820,000 included $1.5 million of additional bad debt reserves plus costs and expenses relating primarily to the exit of the video rental distribution. This is compared to a pre-tax operating loss of $7.3 million in the prior year quarter, a significant improvement in overall results, the company said.
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