Wellington Drive narrows 3rd-qtr loss, affirms full-year guidance

Tue, 29 Oct 2013

Oct. 30 (BusinessDesk) - Wellington Drive Technologies, the manufacturer of energy efficient refrigeration motors, narrowed its third-quarter loss by selling higher-margin products and cutting costs, and affirmed its guidance for a smaller full-year loss. The net loss in the three months ended Sept. 30 was $970,000 from $1.49 million a year earlier, the Auckland-based company said in a statement. Sales fell to $4.7 million from $5.7 million a year earlier, when revenue included $819,000 for its discontinued ventilation business. Gross margin...

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