Thane International Inc. will take a $32.9 million loss for the year ended March 31, compared to net income of $9.9 million 12 months earlier, the company predicted in a preliminary earnings statement. The company’s revenue fell from $231.5 million to $159.2 million during the same period.
Thane’s most recent fiscal year included a $21.8 million write-off stemming from its acquisition of Krane Holdings Inc. in March 2002. Thane had been in default of its credit facility to LaSalle Bank National Association, and LaSalle took possession of Krane’s stock.
Thane has not officially filed its annual financial statement with the Securities and Exchange Commission. The La Quinta, CA-based company has submitted a notification of late filing, and plans to give the SEC the forms no later than July 15.
Thane markets a variety of products through many direct marketing channels, including direct response television, home shopping channels, catalogs, telemarketing and print advertising.
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