OroAmerica Posts Drop in Quarterly Profit to $67,000
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OroAmerica Inc., a gold jewelry manufacturer based in Burbank, reported sharply reduced earnings for the first quarter ended April 28. The company had quarterly net income of $67,000, down about 90% from $650,000 in the same period the previous year.
The lower earnings came on first-quarter sales of $42.33 million, down 12% from $48.14 million a year earlier.
The company said sales declined because some of its retail and wholesale customers carried too much inventory at year’s end. The lower profits resulted in part from a $1.2-million increase in administrative expenses, OroAmerica said.
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