Blackhawk’s Net Income Drops Nearly 50%

The California-based company earned $3.4 million during the three-month period, or 7 cents per share. This figure was down from the $5.9 million, or 11 cents per share, it reported in the second-quarter of 2012.

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Blackhawk said its performance was hindered by an accounting charge stemming from its March IPO and higher operating expenses. Its revenue rose 19 percent to $225.9 million, while its operating expenses climbed to $220.4 million from $181.1 million. 

For more on the earnings report, read the AP report here.