The company posted net earnings of $700,000, or a penny a share, for the quarter ended Aug. 31., compared to $25.7 million, or 41 cents per share, last year.
The decline stemmed from weaker sales. Revenues for the third quarter were $157.8 million compared to $242.7 million last year.
"Our sales and profitability continue to be negatively impacted by slowing economies in all of our major markets," David Feldberg, president and CEO, said in a release. "Nevertheless, our cash and financial position remain strong, and our focus on providing our customers with high quality, innovative workplace solutions positions us for a return to high growth in sales and profits when economic conditions improve."
But the short-term outlook is still gloomy, the company said, thanks to the terrorist attacks of Sept. 11.
"Looking ahead, recent events have clouded the near-term outlook for our business. At this time we do not expect to see any improvement in the near-term," Feldberg said.
