In May of this year, Nortek noted it had experienced double-digit growth, as well as a slight increase in gross profit year-over-year. But, at the same time, it announced a net loss of $15.1 million compared with a net loss of $1.2 million in the first quarter of 2012 – a significant increase in its losses.
So, it’s not surprising that Nortek would be looking to dump a company or two to increase cash flow. We heard a rumor at InfoComm that Nortek was actively shopping a buyer for at least two of its Technology Solutions Group companies. Now we understand, via two different sources, that those two companies are TV One and Magenta Research.