Heelys Takes Deeper 2Q Loss On Settlement Costs
DALLAS (AP) ¿ Heelys Inc., which makes sneakers with wheels in the heel, reported a wider second-quarter loss on Thursday, citing costs from a legal settlement.
Heelys said it lost $1.6 million, or 6 cents per share, down from $394,000, or a penny per share, a year earlier. Revenue sank 32 percent to $12.4 million from $18.2 million. The results included $3.1 million in expenses for a proposed settlement of claims stemming from Heelys initial public offering in December 2006.
If the settlements are accepted, Heelys said most of the costs will be covered by its insurance policies.
In aftermarket trading, shares of Heelys picked up 4 cents, or 2 percent, to $2.05. The stock lost 9 cents in the regular session to close at $2.01.
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