RUSS BERRIE: Second quarter dips

Company reported a loss of $12.1 million earlier this week.
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The plush manufacturer has attributed the majority of the loss to a $7 million write-down in its gifts business.

The loss for the Q2 period was 57 cents per share, compared to a profit of $365,000, or 2 cents per share, in the same period last year.

Excluding the write-downs, the company said its pre-tax income for the quarter was $300,000 compared to $1.5 million a year ago.

Sales grew 24 per cent to $87.7 million from $70.7 million in the last year.

The company said $22.2 million of this year's quarterly revenue came from its acquisitions of furniture maker LaJobi and bedding maker CoCaLo.

Russ Berrie’s gift business includes plush products marketed primarily under the Russ and Applause brands. It also manufactures gift items under licences that include Shining Stars, Raggedy Ann, Curious George and Simpsons trademarks.

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