Let’s start with the summary numbers. Sales rose 5.4% to $450 million. The gross profit margin fell from 52.4% to 50.7%. Quik reported an operating loss of $2.5 million compared to operating income of $13 million in the same quarter the previous year.
The net loss grew from $15 million to $21 million. Taxes were $4 million higher, but interest expense fell 48% from $29 million to $15 million.