BRENTWOOD, N.Y. (AP) -- Shares of Medical Action Industries Inc. fell to a 52-week low Thursday after the maker of disposable surgical supplies reported a fourth-quarter loss as a rise in costs outpaced an increase in revenue.
The shares fell 32 cents, or 8.3 percent, to close at $3.53 and went as low as $3.27 during the session. That's 50 cents below the previous 52-week low, reched just the day before. The shares have tumbled from their 52-week high of $8.71, reached last July.
Thursday's trading volume was already about three times the past three months' normal daily volume of 59,000 shares.
The company reported a net loss in the fiscal fourth quarter of $2.5 million, or 15 cents per share, compared with a gain of $1.1 million, or 7 cents per share, a year earlier.
Medical Action said competitive pricing pressure cut into its earnings, as did a $1.2 million increase in resin costs, a tax-related allowance of about $800,000 and about $400,000 in higher costs of products from China.
Revenue rose 3 percent to $108.2 million.