Stonepath Group’s Loss Widens in 3Q
ogistics firm Stonepath Group said late Tuesday its third-quarter loss widened to $22.1 million or 50 cents a share, compared with a loss of $1 million or 2 cents a year earlier.
Revenue declined to $65.3 million from $81 million in 2005.
"Domestic Services revenues were impacted by the loss of a major national retail account during the second quarter of this year and reduced volume from an additional account in the third quarter," said Bob Arovas, who was named the group’s chief executive officer in October.
Stonepath reported a loss of $1.4 million on the sale and a total loss from discontinued operations of $1.7 million. In the previous year, the group earned $1.9 million on the operations of the two units.
