Verit Industries Posts Loss for Fourth Quarter

Verit Industries, a Sun Valley maker of loudspeakers and a distributor of consumer goods, posted a $55,000 loss for its fiscal fourth quarter, compared to a $244,000 loss a year earlier.

Verit’s sales for the three months that ended June 30 dropped 52%, to $1.72 million, from $3.56 million.

For its fiscal year, Verit lost $781,000 compared to net income of $137,000, or 18 cents a share, the previous year. The company’s annual sales plummeted to $9.85 million from $25.9 million.

Verit blamed the losses largely on a previously announced lawsuit in which the company alleged that it paid $580,000 for a shipment of furs, which Verit planned to resell to consumers, and then never got delivery or repayment. Verit also said the big drop in its sales mainly occurred in its sales of “close-out” merchandise bought from manufacturers.