Profits Drop At Distributor Handleman

Revenues for the fiscal third quarter ending Jan. 31st were $485.0 million, equal to revenues of the third quarter of last year. But net income for the third quarter was $4.2 million compared to $14.0 million for the same quarter last year.  Stephen Strome, the Company’s Chairman and CEO admitted, "Results for this fiscal year have not met our expectations," but promised measure to correct the situation.