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RIDDELL SPORTS REPORTS 3RDQ LOSS DUE TO LAWSUIT
Published November 22, 1994
Riddell Sports Inc. reported yesterday that it incurred a pre-tax charge of $4.6M in the 3rdQ ended September 30, as a result of a previously announced jury verdict of $8M rendered against the company in a product liability suit. According to Riddell, before the liability charge, the company had continued to achieve what Riddell called significant operating improvements during the quarter. Riddell plans to appeal the product liability verdict. Riddell is the world's leading manufacturer and reconditioner of football helmets and sells helmets and shoulder pads and other protective equipment under the Riddell and Maxpro brands. The company also licenses the Riddell, Maxpro and MacGregor trademarks for use on athletic footwear, leisure apparel and equipment (Riddell Sports).