Lenox posts $76.65 million third-quarter operating loss

By Caroline Salls

Pittsburgh, Dec. 1 - Lenox Group Inc. reported a $76.65 million operating loss for the 13 weeks ended Sept. 27 on $110.49 million in net sales, according to a 10-Q filed with the Securities and Exchange Commission.

The figures showed a decline from a $10.65 million operating income posted for the 13 weeks ended Sept. 29, 2007 on $137.78 million in net sales.

The net loss for the latest period was $49.84 million, down from a $4.12 million net income for the previous period.

Meanwhile, the company posted a $107.52 million operating loss for the 39 weeks ended Sept. 27 on $258.1 million in net sales, compared with a $19.39 million operating loss recorded for the 39 weeks ended Sept. 29, 2007 on $317.15 million in net sales.

The net loss for the first nine months of 2008 was $109.56 million, widening from a $20.18 million net loss for the same period of 2007.

Cash and cash equivalents at Sept. 27 were $748,000, up from $370,000 at Sept. 29, 2007.

Lenox said the economy continued to worsen during the third quarter of 2008, which negatively impacted the company and its operations.

Lenox, an Eden Prairie, Minn.-based tableware, collectibles and giftware products company, filed for bankruptcy on Nov. 23 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-14679.

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