Federal Screw Trims Losses

Jason Sandefur

Despite lower sales, Federal Screw Works lowered its losses in fiscal 2006. The St. Clair Shores, MI, manufacturer reported a $931,000 loss in the fiscal year ended June 30, 2006, compared with a $6.1 million deficit in fiscal 2005. Sales during 2006 dropped 3% to $84.03 million.
Company revenue has declined each year since 2001. Earnings for 2006 were hampered by $2.1 million in charges related to Federal Screw’s closure of its fastener manufacturing facility in Chelsea, MI.
Revenue during the fourth quarter of 2006 dipped 1.3% to $22.3 million, while earnings rose to $997,000 with help from a $1.3 million insurance settlement. Web: federalscrew.com �2006 FastenerNews.com