OroAmerica Inc. Reports Plunge in Quarterly Profits

OroAmerica Inc., a Burbank gold jewelry producer, reported second quarter earnings of $119,000 for the three months that ended July 29, down 93% from $1.7 million in the same period last year. Revenues for the quarter were $38.9 million, a 13% increase from $34.6 million a year earlier.

For the six months, the company said it earned $769,000, down 77% from $3.32 million last year. Revenues were $87 million, up 10% from $79 million a year earlier.

The company attributed its lower results so far this year to increased price competition in the industry and the cost of recent expansions of its product line and customer service operations.