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Singer runs up a loss
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November 6, 1998: 8:33 a.m. ET
Sewing machine maker posts $6.4M 3Q loss, blames depressed economies
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NEW YORK (CNNfn) - Sewing machine maker Singer Co. reported a third-quarter net loss Friday of $6.4 million, falling far short of Wall Street estimates.
The company lost 13 cents a share for the three months ended Sept. 30, compared with a profit of 2 cent a share in the year-ago quarter.
Analysts expected Singer to earn 10 cents a share, according to estimates.
Revenue for the quarter grew to $289.5 million from $233.5 million a year ago despite a 30 percent drop in sales to Asia and a 40 percent slide in sales to Brazil.
"I am disappointed in the results, which reflect the severe economic environment in Asia and Brazil, historically the source of much of our earnings," said Stephen H. Goodman, president and chief executive officer. "There was no economic recovery in these markets, and, in fact, some worsening, particularly in Brazil."
For the first nine months, Singer reported a loss of $24.2 million, or 47 cents per share, on revenue of $913.1 million.
In the year-ago period, the company earned $30.7 million, or 60 cents a share, on revenue of $818.8 million.
Singer's results in 1998 include the operations of G.M. Pfaff AG, the German sewing machine company acquired at 1997 year-end.
Singer blamed its lower results on devaluations in Asia that began in July 1997 and the follow-up financial crisis in many emerging markets, including Brazil.
Shares of Singer (SEW) finished up 3/8 Thursday at 5-15/16 on the New York Stock Exchange. 
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Singer
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