Fairchild Loss Widens in 2Q
May 8, 2006
Filed under Uncategorized
The Fairchild Corp., McLean, Va., reported a net loss of $12.1 million or $0.48 per share for its second quarter ended March 31. The company's results slipped further from a net loss of $3.9 million or $0.15 per share during the same three-month period last year.
Fairchild's business consists of three segments: Sports & Leisure, Aerospace, and Real Estate operations. Fairchild's sports and leisure segment, known as Fairchild Sports, is comprised of Hein Gericke, PoloExpress and California-based Fairchild Sports (formerly Intersport Fashions West).
Fairchild said results for the second quarter of the previous year were affected by investment income of $5.8 million and a $2.7 million increase in the fair market value of an interest rate contract.
Fairchild revenues for the second quarter ended March 31 were $62.96 million, down 21.1 percent from $79.83 million in the second quarter of fiscal 2005.
The company's Sports & Leisure segment had revenues of $43.3 million, down $13.1 million from revenues of $56.4 million during the same three months last year. Company officials said the difference was due primarily to a $5.8 million decline in U.S. business and currency fluctuations.
For the first six months of fiscal 2006, Fairchild posted a loss of $10.24 million or $0.40 per share compared to a loss of $3 million or $0.12 per share for the same period last year.
First half consolidated revenue fell from $144.32 million during the year-ago period to $114.5 million. The company's Sports & Leisure segment had first-half revenues of $77.7 million.