CPI reports smaller 2nd-quarter loss

CPI Corp. posts smaller 2nd-quarter loss due to lower costs and expenses

• On 10:11 am EDT, Tuesday September 1, 2009

ST. LOUIS (AP) -- CPI Corp. reported a smaller second-quarter loss Tuesday, helped by lower costs and expenses.

The portrait studio operator lost $3.4 million, or 49 cents per share, compared with a loss of $3.6 million, or 56 cents per share, a year earlier.

Quarterly results included charges of $536,000 in litigation costs and $977,000 related to a proxy contest.

Total costs and expenses fell to $84.8 million from $93.9 million, as selling, general and administrative expenses declined to $70.4 million from $78.1 million.

Sales for the period ended July 25 dropped 9 percent to $81.4 million from $89.6 million.

In morning trading, shares of CPI Corp. fell $1.51, or 8.4 percent, to $16.57.