Consumer electronics retailer Tweeter Home Entertainment Group said its fiscal fourth-quarter net loss narrowed, even as sales dropped because of a sharp decline in the selling price of flat panel displays.
For the quarter ended Sept. 30, the company posted a loss of $16.8 million, or 66 cents a share, compared with a loss of $20 million, or 81 cents a share, during the same period a year ago.
Sales fell 14 percent to $162.3 million from last year's $188.3 million.
Analysts, on average, were expecting a net loss of 52 cents a share on sales of $162 million, according to a poll by Thomson Financial.
Same-store sales, or sales at stores open at least a year, declined 13%.
The cost of producing sales slid 16% to $97.3 million, and selling and general expenses fell 9% to $80.4 million.
For the full year, the company posted a loss of $16.5 million, or 66 cents a share, compared with a loss of $74.4 million, or $3.03 a share, in the prior year.
Sales fell 3% to $775.3 million from last year's $795.1 million.
"Although we are encouraged with our fiscal improvement on a year over year basis, our turnaround is ongoing," said Joe McGuire, president and chief executive, in a statement.
He added that the slowdown of the projection TV business over the past 12 months "has been exacerbated by the sharp decline" in the average selling prices of flat panels.
"Although we experienced a 32 percent lift in our flat panel business in dollars and a 51 percent increase in units, revenue for the entire television category was only up 8 percent. Revenue from projection TV's was down 16 percent," he added.
The company sells products such as stereo systems, TVs, car stereos, satellite radios, DVD and portable music players.