West Hartford gun maker Colt Defense reported a net loss of $6.7 million in the second quarter, nearly triple the amount the company lost in the second quarter 2011, according to the filing with the U.S. Securities and Exchange Commission.
Colt sold more in the second quarter this year compared to last year — $45.1 million vs. $36.6 million. However the cost of those sales were higher and the company had more administrative expenses.
That knocked its operating profit down to $85,000 in the second quarter this year against $4.4 million in the second quarter 2011.
After interest expenses and foreign income taxes, the company lost $6.7 million in the second quarter compared to a loss of $1.9 million in the second quarter 2011.
