Successories cuts its 2Q losses as it preps for sale

Motivational products manufacturer/marketer Successories (OTCBB: SCES) reported a net loss of $2.3 million for the quarter ended Aug. 3. That’s an improvement from the $2.8 million the company lost for the second quarter of fiscal 2001.

Net product sales decreased 11%, to $7.2 million from $8.1 million last year. Catalog and Internet sales suffered the smallest sales decline, at less than 2%, following cuts in prospect circulation. Sales to franchises, however, fell 47%, there being 16 fewer franchisee stores in operation than there were a year ago. Sales among the wholesale, joint venture retail, and contract framing divisions tumbled 41% due largely to the company’s decision, made at the end of this year’s first quarter, to discontinue contract framing for third-party products.

Successories also reports that along with its investment banking and financial adviser, Duff & Phelps, it has completed the initial solicitation of interest among prospective buyers. The Aurora, IL-based company has already made management presentations to interested parties and is providing due diligence to those interested.

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