Auri Loses a Penny

Auri Loses a Penny
Ori Rosenbaum, CEO of Auri Footwear

Auri Inc. lost 1 cent a share in the second quarter.

The marketer of branded contemporary footwear saw revenue decline and expenses spike, both of which dented the bottom line.

For the period ended Jun. 30, 2011, the Laguna Beach, Calif.-based firm lost $508,000. In the same period a year ago, the firm lost $131,000, or zero cents a share.

Revenues fell 23 percent to $170,000, due to the company shipping the majority of its spring merchandise to retailers, and therefore accounting for the sales in the first quarter.

Selling, general and administrative expenses were $489,000, compared with $194,000 a year ago. Auri incurred $201,000 of public company expenses, including $122,500 of non-cash stock-based compensation expense.

The firm ended the quarter with cash and cash equivalents of $233,000, down from $406,000 as of Dec. 31, 2010.

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