Sunair Services’ loss narrowed 23 percent in the second quarter as sales dropped 12 percent.
The Boca Raton-based pest control and lawn care services company (AMEX: SNR) reported a net loss of $811,685, or 6 cents a share, on revenue of $12.6 million for the quarter ended March 3. A year ago, it had a net loss of $1 million, or 8 cents a share, on revenue of $14.3 million.
President and CEO Jack Ruff noted it was the company’s third consecutive quarter of improved operating results over last year.
“Unfortunately, our earnings results were negatively impacted in the second quarter by significant increased legal expenses due to a shareholder dispute,” he said.
From the South Florida Business Journal. Read the original story here.
Three Sunair shareholders filed suit Feb. 23, alleging that the company was exaggerating board member Richard Rochon’s business background. The suit also referenced other financial trouble Rochon recently had, such as a foreclosure on his Boca Raton home.
The lawsuit alleged Rochon should not be on the company’s board, partly because he has a legal dispute with H. Wayne Huizenga and should have been more forthcoming about it in the initial proxy. The company filed a countersuit.
Rochon and other board members were re-elected at Sunair’s March 18 annual meeting.
Shares closed down 6 cents to $2. The 52-week high was $2.88 on June 4. The 52-week low was 86 cents on Dec. 12.