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Profit tumbles in Timberland first quarter HAMPTON, N.H. -- Still affected by repercussions from manufacturing difficulties experienced in the fourth quarter, the Timberland Co. reported a dramatic drop in income despite a 15.3 percent gain in sales for the first quarter ended March 31.
Income for the first quarter plummeted to $323,000 or 3 cents a share, from $1,647,000 or 16 cents, a year earlier. Sales for the period amounted to $30,144,000, compared with $26,127,000 in the first quarter in 1988.
"For the first quarter, we came out close to where we expected," said Larry Mihalchik, chief financial officer for Timberland. "Our gross profit margin improved …