Sales Plummet for Maker of Recreational Equipment
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Sales and earnings plummeted in the three months ended Oct. 30 at Variflex Inc., a Moorpark producer of in-line skates and other recreational equipment.
In its latest quarter, the company had a net profit of $937,000, or 16 cents a share, on sales of $23.5 million. A year earlier, Variflex earned $2.7 million, or 46 cents a share, on sales of $31.8 million.
The company attributed the downturn mainly to a general weakness in retail sales, particularly in the mass-merchandise market, where most of Variflex’s products are sold.
Raymond H. Losi II, Variflex’s president, said the company has started shipping its new upscale line of Static brand skates, snowboards and skateboards.
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