Net income dropped 64% to $12,836,000 from $36,135,000 on shrinking margins as net sales down 20% to $144,777,000 from $181,299,000 for the fiscal fourth quarter, in line with guidance on the industry-wide rise in promotional activity and the company’s focus on dropping bloated inventories. The quarter marked five straight of sequential channel inventory reduction, with all customers now at, or below, target levels. Gross margin contracted 1,080 b.p. to 29.0% from 39.8%, hit by the lower top line and increasing ... Log in to view full article.