Zones Inc. reported a net loss of $1.1 million for the fourth quarter, down from a net loss of $124,000 a year ago.
The computer equipment cataloger reported net sales of $104.7 million for the quarter ended Dec. 31, 2002, down from $114 million the year before.
For the year ended Dec. 31, 2002, the Renton, WA firm reported a net loss of $515,000, down from a net loss of $185,000 in 2001.
Net sales for 2002 were $414.6 million, off 8,3% from $541.1 million the last year.
The company attributed the results in part to a $1.3 million fine it had to pay the Washington State Department of Revenue and to general economic conditions.
“Aside from the previously disclosed one time charge for the state tax audit, I am proud to state we would have posted our fourth consecutive profitable quarter; marking our first profitable year since 1996,” said CEO Firoz Lalji, in a statement. “In view of prevailing economic conditions, we continue to be cautious as to possible future sales growth or gains of market share.”
