Champion reports third-quarter loss - Beckley, Bluefield & Lewisburg News, Weather, Sports

Champion reports third-quarter loss

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HUNTINGTON, WV — Champion Industries on Aug. 13 reported a third quarter 2013 net loss from continuing operations of $1.3 million, compared to $1.5 million a year ago. The company reported net income from discontinued operations for the quarters ended July 31, 2013 and 2012, of $216,000 and $920,000, respectively.

Net loss from continuing operations for the nine months ended July 31 was $5.6 million, up from a loss of $13.9 million last year.

"We have expended considerable effort to effectuate the myriad of restructuring and asset sales activities required by our Secured Lenders and feel we have substantially accomplished our goals and requirements in this regard," Marshall T. Reynolds, Champion chairman and CEO, said in the earnings release.

"We intend to work with our secured creditors and advisors to address our debt maturities and liquidity to the best of our ability and, if successful, in stabilizing our funding platform going forward, we believe our core business has the opportunity to improve."

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