Low Sales, Big Loss for CereplastWednesday, November 14, 2012
Bioplastics maker Cereplast Inc. on Wednesday reported a third quarter net loss of nearly $10 million compared with a loss of $3.6 million in the same period a year earlier. Net sales decreased more than 90 percent to $477,000.
The El Segundo company, which supplies resin used to create environmentally friendly plastic packaging, attributed the decline to the company’s continued effort to reduce exposure to riskier sales overseas. Sales for the quarter were primarily to existing customers with low risk credit limits.
Cereplast shares were down 1 cent, or almost 9 percent, in after hours trading on the Nasdaq.