Day Runner Inc.
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The Irvine manufacturer of paper-based organizers and planners posted net income of $4.5 million, or 67 cents a share, for the second fiscal quarter, down 8% from $4.9 million, or 75 cents a share, a year ago. Sales for the quarter ended Dec. 31 declined 13%, to $35 million, from $40.1 million.
The company attributed the second-quarter sales decline to lower-than-expected sales to Wal-Mart and inventory tightening by certain other large customers. The disappointing Wal-Mart sales stemmed from logistics problems associated with restocking displays, Day Runner said.
Net income for the six-month period rose 4%, to $8.4 million, or $1.25 a share, from $8.1 million a year ago. Sales were down 6%, to $68.6 million, from $72.9 million.
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