Windmere Corp., once a Florida highflier, stumbled dramatically in the1989 fourth quarter.
The stock market reacted quickly to the report, and Windmere stock dropped $1.50 a share on the New York Stock Exchange, closing at $4.75.
Last year the stock sold for as much as $29 a share. The Miami Lakes-based company, which makes consumer products such as hair dryers and kitchen appliances, said Friday it lost $1.4-million compared to a $11.2-million profit, or 77 cents a share, for the year-ago period.
For the year, Windmere's earnings fell to $7.7-million, or 49 cents a share, down from $32.6-million, or $2.26 a share.
The company said sales for the quarter were up only slightly, to
The lower-than-expected sales contributed to high operating and inventory costs, Windmere president David Friedson said. He said the company expects earnings to continue to be depressed through the second quarter of this year.