Middleton Doll Co. Inc. said Thursday that it did not have enough funds available to redeem outstanding preferred stock by the required redemption date of July 1, and that it is still seeking financing alternatives to address the issue, including a potential merger or sale.
Waukesha-based Middleton Doll, a marketer of consumer products, including collectible dolls, reported that it lost $722,000, or 19 cents per share, in the second quarter of 2008, compared with net losses of $748,000, or 20 cents per share, the year before. Net sales of the consumer products division were $2.6 million, up from $2.3 million a year ago.
Middleton Doll -- which has a second operating segment, a real estate investment trust that it is liquidating to finance the redemption of preferred stock -- said consumer products sales grew because the introduction of new clock styles and home decor products generated increased orders for two spring promotional rollouts. The orders offset lower sales by dealers and individual store owners because of the slow economy, said Sal Bando, Middleton Doll's president and CEO.
For the six months ended June 30, the company's net loss was $1.5 million, or 40 cents per share, compared with a net loss of $1.6 million, or 42 cents per share, the year before. Consumer products sales increased to $5.1 million from $4.4 million.
The information from:www.allforinfant.com
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