Craftmade International hits year low on 19% Q1 sales drop
Craftmade International, Inc. (Nasdaq: CRFT) is falling to a new 52-week low after the fans and home furnishings maker reported first-quarter sales of $22.74 million, down 19% from $28.13 million a year earlier.
The Coppell, Tex.-based company’s quarterly profit slimmed to $0.62 million, or $0.12 per share, 67% below $1.88 million, or $0.36 per share, during the same period of 2006.
"While we continue to face a challenging housing environment, we have focused on introducing new lighting products, expanding Teiber accounts and developing new accounts for the Durocraft product lines," CEO James R. Ridings said in a statement. "We believe that long-term growth will be favorably affected by competitive product sourcing, development of innovative product designs and introduction on new products through our enhanced product development efforts."
For the three months ended Sept. 30, the firm’s operating expenses totaled $5.75 million, from $5.28 million last year.
In morning trading, CRFT shares are down 19.57%, or $1.73, at $7.11. Over the last 52 weeks, shares have ranged from $7.11 to $19.54.
