Heads & Threads Sales Fall

Jason Sandefur

Heads & Threads International reported sales for the second quarter of 2003 dropped 5.8% to $27.3 million. The company recorded a Q2 pretax loss of $1.8 million compared to a $600,000 gain during the second quarter of 2002. The loss included a $1.1 million charge related to a change in senior management. Greg Brown replaced Don Haggerty as CEO in April 2003.
For the first half of 2003, sales slipped 2.9% to $55.2 million. HTI reported a pretax loss of $1.7 million during the period compared to a $1.1 million gain during the first half of 2002.
Parent company Alleghany Corp reported Q2 revenue rose 1.8% to $144.4 million, while net earnings declined 32% to $6 million. Alleghany revenue for the first six months of 2003 fell 5.6% to $283 million, and net earnings decreased 60% to $13.7 million. Web: headsandthreads.com �2003 FastenerNews.com