Hartco Corp. on Tuesday blamed its third-quarter loss on store closures.
Reuters
December 12, 2000
Hartco blames third-quarter loss on store closures
MONTREAL, Dec 12 (Reuters) - Hartco Corp. (Toronto:HCC.TO - news) on Tuesday blamed its third-quarter loss on store closures.
The company, which franchises computer and communications stores, reported a third-quarter loss of C$658,000, or 5 Canadian cents a share, compared with a profit of C$161,000, or 1 Canadian cent a share in the same quarter last year.
Third-quarter revenues were slightly lower at C$161.6 million compared with C$162.2 million for the same period last year.
"The third-quarter results enabled the company to make a profit before non-recurring store closure costs of C$1.6 million and reflect that we are on target to meet our forecast of a profitable second half,'' said president Harry Hart. “The cost-cutting measures begun in the past six months are beginning to show results and will continue.”
Hartco's third-quarter results were released separately from Hartco Enterprises as a result of a plan to spin off its computer and communications divisions, which include Compucenter and The Telephone Booth.
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Risks: Termination of franchisee, single, Canada, 20001212 Hartco blames
