5/14/2009
NEWS BRIEFS
Paulin Sales See Double-Digit Slip
H. Paulin reported net sales dropped 23% to CAD 26.22 million (US$22.3 million) in the first quarter of 2009, resulting in a net loss of CAD 192,000 compared with a $6,000 profit during the opening quarter of 2008.
The board of directors did not declare a dividend for the period.
Paulin posted similar results in the previous quarter, when Q4 sales slipped 3% to CAD 29.42 million, while Q4 income declined to a loss of CAD 2.6 million, compared to a CAD 535,000 loss during the final quarter of 2007. Paulin recorded charges of $3.1 million in Q4 “due to the significant downturn in the automotive sector.”
For 2008 Paulin reported sales rose 2% to CAD 138.2 million, though the Canadian fastener manufacturer tallied a yearly net loss of CAD 729,000 compared with a CAD 1.8 million profit for 2007.
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