The bottom line plummeted to a $17,844,000 loss against last year’s $4,837,000 income, as a $5.4 million tax benefit could not offset the $23.1 million of non-recurring expenses due to Covid-19. Revenues for the fiscal third quarter ended June 27 dropped 40% to $71,801,000 from $119,260,000. Gross margins contracted 1,660 b.p. to 4.2% and SG&A expenses declined 15% to $15,206,000 from $17,931,000, expanding as a percentage of sales by 620 b.p. to 21.2%. Costs were coming primarily from the Delta Group as the company curtailed manufacturing operations and boosted inventory reserves and accounts receivable.
The top line saw signs of hope ... Log in to view full article.