Double-Digit Fall in LKI Annual, Quarterly Sales
August 30, 07
A sharp 28.22 percent fall in Lazare Kaplan International’s fourth quarter net sales has brought the DTC Sightholder to post a $3 million loss for the fiscal year.
LKI reported quarterly net sales of $96.9 million, down from $135 million in the fourth quarter the year before. Net income for the quarter ended May 31 was $200,000, or $0.02 per share, compared to $0.5 million, or $0.06 per share. Gross margin was 5.6% compared to 4.4%.
Net sales for the fiscal year were $434.4 million, a 17.73 percent drop from the $528 million in net sales in the prior year.
According to LKI, the decrease in sales reflects primarily the transfer “of certain rough trading operations to a separately operated joint venture” during the second quarter 2007.