PennEngineering Profit Soars 986%

Jason Sandefur

PennEngineering & Manufacturing Corp. reported net income for the first quarter of 2004 jumped 986% to $5.87 million on a 41% gain in sales to $63.3 million. The company offered no explanation for the gain in net earnings.
For the Fastening Technologies segment, Q1 operating income increased 553% to $8.68 million. Net sales grew 42% to $33.6 million.
Q1 distribution sales soared 52% to $17.14 million, while operating income increased 202% to $1.73 million.

CEO Kenneth Swanstrom told the Philadelphia Inquirer that PennEngineering fasteners, which account for half of company sales, continue to find acceptance in diverse products, citing the use of 100 fasteners in a new Apple computer and four fasteners in each door latch of the Chevrolet SSR limited-production pickup. Web: penn-eng.com �2004 FastenerNews.com