Verit Industries Shows Loss for Fiscal 2nd Quarter

Verit Industries, a Sun Valley manufacturer and distributor of stereo speakers and other products, reported a fiscal second-quarter loss of $290,000. A year earlier, Verit lost $52,000.

The latest loss came on a 36% drop in revenue in the quarter that ended Dec. 31, 1988, to $2.06 million from $3.21 million, and included a one-time, $212,000 pretax charge against earnings. The charge stemmed largely from a write-down in the value of securities held by Verit.

For the first half of its fiscal year, Verit lost $350,000 compared to a year-earlier loss of $120,000. Its six-month revenue tumbled to $4.35 million from $5.6 million.