Remington Reports Huge Loss on Lower Sales, Impairment Charge
The net loss was $35.0 million compared to restated income of $14.4 million for the three months ended Apr. 2 as sales fell 28% to $157.6 million from $218.0 million. This year’s results included a $33.2 million charge, $28.6 million of that to goodwill, $4.5 million of it to other intangibles and the remaining $0.1 million to fixed assets. The impairments were specifically related to the sudden reduction in sales of the company’s MSR sales. Remington attributed the slowdown to reduced demand and high inventories, increased capacity in the industry, low barriers to entry into the MSR market, lack of ... Log in to view full article.