Intermark Inc. Reports Loss of $2 Million
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SAN DIEGO — Citing start-up problems with a new division, reduced margins and unsuccessful product lines, Intermark Inc. on Thursday reported a net loss of $2 million for the year ended March 31, compared to net income in the previous year of $7.4 million.
Revenue for the year ballooned to $471 million from $161 million in the earlier year. The increase resulted partially from consolidation of Pier 1 Inc., which is now more than half owned by Intermark, according to officials of the San Diego-based holding company.
In the fourth quarter, Intermark lost $356,000, compared to earnings the year before of $1.6 million. Revenue reached $118 million, compared to $50 million in the previous year.
Intermark President Charles R. Scott blamed the year-end loss on start-up problems at a new automotive wheel plant owned by WheelTek, which is half owned by Intermark. In addition, Scott said the reduced margins and unsuccessful new product lines at Dynamark, Intermark’s after-market wheel subsidiary, also added to losses.
Strong performances were registered by Pier 1 and its Sunbelt Nursery subsidiary, as well as by U.S. Press, Scott said.
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