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This article was originally published in The Tan Sheet

Executive Summary

Gross inventory down $45.4 mil. to $133.9 mil. at second quarter's end compared to prior-year period, reflecting "complexity reduction and supply chain reengineering," company says Nov. 14. Restructuring professional fees and expenses comprised $3.1 mil. of $5.1 mil. in non-recurring expenses for Q2 ended Sept. 30. Sales fell 8% to $151.6 mil. for the quarter, but gross profit as a percentage of sales improved to 21.8% from 21.3% a year ago due to better plant efficiencies, discontinuation of less profitable SKUs. Net loss jumped to $11.9 mil. from $2.6 mil. in prior-year quarter. On Nov. 2, Leiner announced plans to file for Chapter 11 protection in early 2002 (1"The Tan Sheet" Nov. 12, p. 11)...

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