Jul. 31, 2017 | Earnings Reports
The Company reported a net loss for the fiscal first quarter of 2018 of $(0.8) million, or $(0.09) per diluted share, compared to a net loss of $(0.1) million, or $(0.01) per diluted share, in the fiscal first quarter of 2017. Net sales for the first quarter ended July 1, 2017, increased from the first quarter ended July 2, 2016, by 10.9%, to $280.2 million. The increase is attributable to increased sales volume of $28.6 million partially offset by lower selling prices/less favorable sales mix of $1.0 million. The volume increase is in part attributable to the Truitt Bros., Inc. acquisition which contributed $21.7 million in net sales.
Operating earnings, excluding LIFO and plant restructuring impact, was $8.3 million and $4.7 million for the quarter ended July 1, 2017 and July 2, 2016, respectively. A reconciliation of reported operating income to operating earnings excluding LIFO and plant restructuring charges is provided in the attached press release.