Spectramed Reports 82% Decline in Its Third-Quarter Earnings
Spectramed reported third-quarter earnings of $587,000, down 82% from the $3.2 million posted last year, while sales dipped slightly to $18.5 million from $18.7 million.
For the nine months, the company reported a loss of $1.5 million, contrasted with year-earlier net income of $7.2 million. Sales totaled $55.4 million, a 2.4% increase from $54.1 million a year earlier.
R.J. Aplin, president and chief executive officer, credited the improved results, compared to the first two quarters of 1987, with the financial restructuring completed in June and the sale of Spectramed’s cardiopulmonary division in August.
The company blamed the nine-month net loss on high interest expenses as well as non-recurring charges of $1.2 million connected with the financial restructuring completed in the second quarter.
Spectramed, based in Newport Beach, designs, manufactures and markets medical products.
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