Chicago Rivet & Machine Co. fastener segment revenues fell 55% to $3.5 million in the second quarter of 2020.

“The automotive sector is the primary market for our fastener segment products and much of that sector was idled for an extended period of time during the second quarter due to the COVID-19 pandemic,” the company stated.

Automotive fastener sales dropped 67.7% in Q2, while sales to non-automotive customers fell 34.1%.

Q2 fastener segment operating loss totaled $653,510, while capital expenditures declined 89% to $29,545.

Fastener segment sales during the first six months of 2020 dropped 33.4% to $10.2 million, with an operating loss of $249,492.  Six-month capital expenditures dropped 81% to $197,542.

“In response to the reduced demand for our products, we have taken steps to reduce expenses where practicable, including reductions in staffing and work schedules.”

Consolidated Q2 sales fell 53.8% to $4.1 million, with net loss totaling $779,516.

“To ensure the safety of our own employees during this unprecedented crisis, we have reduced personnel in our facilities and adjusted work schedules in order to practice social distancing protocols and are following other safety practices recommended by the Centers for Disease Control.”  Web: ChicagoRivet.com