Energy Mad 1H loss widens as quality control stymies Australian sales

Wed, 28 Nov 2012

Nov. 29 (BusinessDesk) - Energy Mad, which raised $5 million in an initial public offering last year to kick start sales of its energy-efficient light bulbs, widened its first-half loss after quality control issues in manufacturing a halogen bulb replacement for the Australian market. The shares dropped 8.5 percent. The loss was $500,000 in the six months ended Sept. 30, from a loss of $300,000 a year earlier, the Christchurch-based company said in a statement. That missed its IPO forecast for a $1.7 million profit. Sales rose 47 percent to $...

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