Zareba reports devastating first quarter numbers
With net income down 94 percent, the electrical fence company goes through growing pains as it attempts to shift from controlling livestock to controlling prisons and oil refineries
Here is some bad news for Representative Steve King (R-Iowa), the energetic congressman who suggested building an electric fence along the U.S.-Mexican border, explaining that such worked well for controlling his herd. Minneapolis, Minnesota-based Zareba, a manufacturer of electric fencing systems, is struggling financially in its attempt to branch out of the animal market and into the human one. Despite two recent deals to supply several federal prisons and a state-owned oil refinery in the Dominican Republic, they were too late to be counted in the company’s first quarter earnings. Net income during that period fell 94 percent from $390,000 to $22,000 on $8.7 million in revenue, forcing the company to suspend its annual dividend.
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