IRVINE, Calif. - Commercial nursery operator Hines Horticulture Inc. recently reported a wider-than-expected first-quarter net loss and warned that full-year earnings would also fall short due in part to a November fire that destroyed a key growing facility.
For the quarter ended Dec. 31, 2000, the company said it had a net loss of $7.9 million, or 36 cents a share, on sales of $69.9 million. Without the fire expense, the company said it would have lost 28 cents a share for the quarter.
Wall Street analysts, on average, expected the company to lose 22 cents, according to First Call/Thomson Financial.
The company said it is focusing efforts on "significant debt reduction," and will forego acquisitions.
"In 2001, increased sales growth to generate higher levels of cash flow will be internally driven through recent capacity expansions, pricing improvements and growth of store service programs," Hines Horticulture said in a statement.
Reflecting the current economic environment, sales are projected to grow in the 6 to 10 percent range, the company said.
For more information about the company visit www.hineshorticulture.com.