Ha-Lo Industries, Niles, Ill., reported a $2.6 million net loss for the third quarter vs. net income of $8.4 million in the year-ago period. Sales for the provider of branded promotional and premium items slipped 2% to $147.3 million. Nine-month results: Net loss, including non-recurring charges, was $15.5 million vs. net income of $14.7 million for the same period in 1998; sales were up 12% to $464.6 million. In July, Ha-Lo announced a restructuring primarily aimed at strengthening its promotional products business. "We are making the tough decisions necessary to return to profitability by yearend and to grow every business segment in year 2000," said Lou Weisbach, president-CEO. "The slowdown of the promotional products business, while painful in the short-term, presents an opportunity to expedite our planned transition to a brand marketing organization."
Copyright October 1999, Crain Communications Inc.