Gibson Brands lost $6.3 million in June, which was a large improvement compared to May, according to the Nashville Post. The Nashville-based guitar maker strummed up sales of nearly $23 million in June, up 2 percent from May, the report stated. Sales were steady, while spending on bankers and lawyers dropped.
The company’s operating costs climbed more however, reducing operating profits to $2.9 million from nearly $3.2 million.
Gibson did enjoy a $1 million decrease in interest costs and a $2 million drop in spending on Chapter 11 and restructuring matters, the newspaper stated.