TFF financial results
This article was originally published in The Rose Sheet
Executive SummaryRestructuring and cost reduction program expected to yield annual operating results in excess of$1 mil. beginning in first quarter 2002, fragrance house says. Effort resulted in cutting 15% of employees, firm adds. President and Chief Operating Officer Joseph Raimondo announced he would resign in connection with the initiative; his post will not be filled, but Chairman and CEO Philip Rosner remains at the helm. Third quarter net sales decreased 12% to $3.6 mil., reflecting continued weakness in the flavors and fragrance industries and a four-day interruption in customer shipments due to manufacturing facility fire. Third quarter loss from continuing operations was $94,000, compared to a loss of $34,000 the year before...
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