Everest & Jennings Loses $38 Million in 3rd Quarter
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Everest & Jennings International Ltd., citing restructuring costs, said it lost $38.4 million in the third quarter, compared with a $2.84-million loss a year earlier.
The latest loss was expected. The Camarillo-based maker of wheelchairs and other medical equipment had last week predicted that it would post a “substantial” loss because it would take a charge to cover the restructuring costs and the writedown in the value of certain assets. The charge totaled $32.4 million for the quarter that ended Sept. 30.
Everest & Jenning’s revenue in the quarter rose to $53.5 million from $48.7 million.
For the first nine months of this year, the company lost $46.5 million on revenue of $156.3 million. In the comparable 1989 period, it lost $9.46 million on revenue of $138 million.
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