FranklinCovey Cuts Q1 LossThey're still losing money at FranklinCovey, just not as much.
The company said yesterday it had reduced its loss from operations to $2.1 million in its first quarter ended Nov. 29 from $7.3 million in the comparable quarter of the previous year. Results in the quarter included a $10 million drop in sales.
It had 34 fewer stores in the quarter versus the year-ago quarter. They produced $3.1 million in sales during the first quarter of fiscal 2003. Catalog/e-commerce sales totaled $18.2 million, down from $19.1 million for the year-ago quarter.
The company also said it received official notification from the New York Stock Exchange that it was removed from NYSE's Watch List and is now considered a "company in good standing" regarding NYSE's continued listing standards. The company had been on the Watch List because it fell below the minimum stock price of $1.