Wednesday, REX Stores Corp. (RSC) reported a decline in profit for the second quarter. The results reflected lower revenues from Alternative energy and Retail segments and certain one-time losses.
Net income attributable to shareholders for the quarter was $837,000 or $0.09 per share, compared with $1.21 million or $0.11 per share last year.
Income from continuing operations attributable to shareholders for the second quarter declined to $638 thousand or $0.07 per share from $923 thousand or $0.08 per share in the previous year.
Net sales and revenue for the quarter declined to $21.48 million from $42.10 million a year ago.
By segment, Alternative energy revenue declined to $16.81 million from $24.86 million last year. Real estate revenue was $353 thousand, compared to $96 thousand a year ago. Retail revenue was down to $4.31 million from $17.15 million in the previous year.
For the quarter, the company reported a one-time loss on early termination of debt of $28 thousand. Losses on derivative instruments for the quarter were $108 thousand, compared to an income of $960 thousand last year.
Investment income declined to $114 thousand from $519 thousand in the previous year.
For the six-month period, net loss attributable to shareholders was $0.89 million or $0.10 per share, compared to $2.73 million or $0.24 per share in the same period of the previous year. Net sales and revenue for the period declined to $46.93 million from $61.22 million last year.
RSC is currently trading at $10.31, up 0.20 or 1.98%, on the NYSE.
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