RYKA FINANCIAL REPORT SHOWS GLIM PROSPECTS
Ryka Inc.'s first quarter earnings released yesterday show
the "troubled maker of women's footwear is just barely limping
along in the aftermath of a failed merger with L.A. Gear,"
according to this morning's BOSTON HERALD. The company recorded
a $2.2M loss for the quarter and "received a 39-day termination
notice from its lender, Pro-Specs America Corp." For the
quarter, Ryka announced a net loss of $2.2M, or $.08 per share,
on sales of $4.1M. The loss includes $683,460 in merger related
costs. Ryka President Sherri Poe expressed disappointment over
the results, while sources said the company is conducting "due
diligence reviews of two unnamed investment partners" (Steff
Gelston, BOSTON HERALD, 5/23).