The bottom line swung to a $60,177,000 loss against last year’s net income of $13,884,000 on sales that cratered 70% to $54,817,000 from $184,593,000, in a return to pre-pandemic seasonality for the historically small quarter. Along with shrinking margins, net income was also hit by a $26.9 million impairment charge for goodwill and intangibles. Sales were up 11% over the same period in 2019, however. NLS is still guiding for full-year revenues between $380 to $460 million and a full year loss of between $25 and $35 million.
Direct sales fell 58% ... Log in to view full article.