The Associated Press
SCOTTSDALE, Ariz.- Stun gun maker Taser International Inc. on Wednesday reported a steep decline in third-quarter profit, hurt by slumping sales amid the ongoing controversy over the safety of its stun guns.
Quarterly income dropped to $270,945, or less than 1 cent per share, from $6.1 million, or 11 cents per share, the year before.
Net sales totaled $11.7 million, down 38 percent from $18.9 million a year earlier, the company said.
However, Taser said its gross margin widened by 4.3 percentage points from the second quarter from improved operating efficiency and changes in its product mix. Coupled with lower expenses, the bigger margin helped it stay profitable, Taser added.
Taser shares rose 13 cents to $7.10 during premarket activity.