Ontario-based Limestone Boat Co., which builds Aquasport, Boca Bay and Limestone models, announced its financial results for the third quarter, ending Sept. 30.
The company said in a statement that it generated revenues of $2.9 million for the quarter and gross margin of 4.7%, resulting in gross profit of $139,550. Operating expenses were $3.1 million.
Limestone incurred an operating loss of $3 million for the quarter. Unit production decreased for the quarter, with 27 units shipped compared with 38 units in the second quarter. Revenues decreased 33% from $4.4 million in the second quarter to $3 million in the third.
Limestone said in the statement that it “continues to pursue alternative liquidity financing proposals and remains committed to continuing its long-term operations.”
The company temporarily suspended manufacturing at its facility in White Bluff, Tenn., and is maintaining its leadership team as it looks to resume operations.
