Hobbico sees net loss widen to $48.94 million in May; sales decline

By Caroline Salls

Pittsburgh, Aug. 21 – Hobbico Inc. reported a $48.94 million net loss for May on $896,000 in sales, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Those figures showed a decline from the $4.98 million net loss posted for April on $2.6 million in sales.

The May net loss included $42.7 million in miscellaneous expenses.

The company had $4.22 million in cash as of May 31, down from $4.74 million at the end of April.

Hobbico is a Champaign, Ill.-based designer, manufacturer and distributor of radio control and general hobby products. The company filed for bankruptcy on Jan. 10, 2017 under Chapter 11 case number 18-10055.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.