Jason Sandefur

Heads & Threads International reported fastener sales during the fourth quarter of 2003 rose 8.3% to $27.5 million, while cost of goods sold climbed 27.7% during Q4. For the year, fastener sales increased 2.6% to $113.3 million, and cost of goods sold grew 7.3% in 2003.
Parent company Alleghany Corp. said HTI incurred a loss in 2003 due to �sluggish demand in the U.S. economy, increases in the cost of materials, inventory reserve charges and write-offs relating to its computer system and relocation of its headquarters from Sayreville, NJ, to Bloomingdale, IL.�
HTI�s restructuring included Greg Brown replacing Don Haggerty as CEO in April 2003.

Overall net earnings for Alleghany during 2003 more than tripled to $162.4 million, while revenue soared 76.5% to $1.01 billion. Web: headsandthreads.com �2004 FastenerNews.com