Third quarter sales were down at O'Sullivan Industries, according to a news release issued today and information filed with the Securities and Exchange Commission, but don't panic. Everything is going according to plan, million-dollar CEO Bob Parker said.
Net sales of $68.5 million were recorded, down 6.4 percent from the same period last year, the news release said. Net sales grew 3.6 over the second quarter, though, and represented three straight quarters of increasing sales, the release noted.
"These results are in line with our expectations as we continue to reorganize O’Sullivan and solidify our infrastructure," Parker said. "While we would like to see increased sales and profits earlier, we are on track with our plan to turn O’Sullivan around and begin to deliver increases in fiscal 2006."
The released indicaeted that cash flow for the third quarter was a negative $4.0 million as compared to the positive $6.3 million reported in the prior year period. Cash flow for the nine months ended March 31, 2005 was $1.8 million compared to $9.6 million in the prior period.
The company lost $13.2 million during the third quarter, the news release said. It has lost $33.9 million for the first three quarters of the fiscal year. Year-to-date sales are $197.4 million, compared to $209.9 million during the first three quarters last year.
All of this is part of the plan, Parker said.
“Bringing together a proven dynamic professional sales and marketing organization with a focused strategic plan is continuing to show positive market results. Our recent successful showing at the International Furniture Market at High Point along with the celebration of our 50th Anniversary is providing sustainable momentum for the future. However, financial performance for the fourth quarter of fiscal 2005 will continue to be a challenge compared to prior year results. Continuing to execute our plan should result in increases in sales and earnings in fiscal 2006."
***
A Webb City businessman facing federal arson charges will undergo a psychiatric examination.
U. S. District Court Judge James England ruled today that Keith McBride, owner of Coin-Op, will be evaluated and recommended that the evaluation take place at the U. S. Medical Center for Federal Prisoners in Springfield.
The psychological report will be filed with the court with copies given to both sides, the ruling said. The report will include:
-McBride's history and present symptoms
-A description of the psychiatric, psychological, and medical tests that were used and the results of those tests.
-The examiner's findings
-The examiner's opinion as to whether McBride is suffering from a mental disease or defect that would render him incompetent to understand the court proceedings or to help with his defense.
-The examiner's opinion on whether McBride was insane at the time he allegedly burned his business to the ground, and was "unable to appreciate the nature and quality or wrongfulness of his acts."
No date has been set for the evaluation.
***
Missourians will still have to go through a lot of hassles if they want to find out how much the superintendents in their school districts make and how much they receive in benefits.
A proposal that would have required districts to list that information on their websites was removed from consideration by the Missouri House of Representatives Wednesday as work continued on revising the Foundation Formula through which public schools are funded.
Why this would have been a stumbling block is anyone's guess, but apparently some people have a vested interest in not letting taxpayers know how much of their money is going toward incentives for superintendents, including cars, car allowances, homes, and other goodies.