Australian division weighs down Q3 results at Glentel

BURNABY, BC – Despite a 94% uptick in sales, Glentel posted a $12.3 million net loss for its third quarter after recording a one-time intangible asset and goodwill impairment in its Retail Australia Division. Consolidated adjusted net income for the third quarter ended September 30, 2013 was $7.5 million, down from $8.9 million in the third quarter of 2012. EBITDA decreased 14% to $12.7 million from $14.7 year-over-year, and EBIT was down 48% to $6.3 million compared to $12.1 million last year. Sales for the quarter were $338.6 million, well up from $174.8 million in 2012. Sales in this period...