Verit Posts $59,000 Loss in Its First Quarter

Verit Industries reported for the first quarter that ended Sept. 30 a loss of $59,000 compared to a loss of $68,000 in the same period a year earlier. Sales fell 4% to $2.3 million from $2.4 million.

The Sun Valley company, which makes loudspeakers and distributes consumer goods, attributed its decrease in sales to falling demand for personal electronic products. Two weeks ago Verit Chairman Lavere Lund sold 38% of his holdings in the struggling firm to Paradene Ltd., an English investment group on the Isle of Man. Paradene agreed to pay Lund $2 million.