Friday, Aristotle Corp. (ARTL, ARTLP), an educational products company, reported a swing to loss in the fourth quarter, as revenue declined from the year ago quarter.
The Stamford, Connecticut-based company reported a net loss of $9.85 million, compared to net income of $5.25 million in the same quarter last year.
For the fourth quarter, net loss applicable to common stockholders was $12.01 million or $0.67 per share, compared to net income applicable to common stockholders of $3.09 million or $0.17 per share in the year-ago quarter.
Net revenues for the quarter decreased to $40.62 million from $43.60 million in the prior-year quarter.
Cost of sales for the quarter declined to $24.69 million from $26.68 million in the fourth quarter of 2007. Selling and administrative expense increased to $11.63 million from $11.25 million in the year-ago quarter.
For the full year, net income applicable to common stockholders was $15 thousand or breakeven per share, compared to $14.91 million or $0.84 per share last year.
The company's annual sales decreased to $212.82 million from $211.55 million a year ago.
Commenting on the results, Aristotle's chief financial officer, Dean Johnson said, "While management is disappointed by the investment related losses which impacted the results for the 2008 fourth quarter and calendar year, the Company's financial condition is strong. With a net worth of $110.9 million, borrowing capacity of $40 million, and substantial Company liquidity, the loss of asset value will not interfere with on-going business activities, including unsurpassed service to customers."
ARTL closed Friday's regular trading session at $3.00, down $0.30 or 9.09%.
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