Hines Horticulture Posts Quarterly Loss of $5.1 Million

Hines Horticulture Inc., an Irvine operator of commercial nurseries, reported that its net loss widened in the third quarter, while sales hit a record high.

The net loss totaled $5.1 million, or 23 cents a share, compared with $2.4 million, or 11 cents a share, a year earlier. Sales increased 39% to $63.4 million.

The company attributed the wider loss to higher interest rates and increased borrowing, largely from acquiring five companies during the past 15 months. Interest expenses rose $4.8 million to a total of $9.2 million. Operating income totaled $1.4 million, more than double that of the previous year, despite higher fuel and freight expenses, the company said.