Paulin 1st Quarter Sales, Earnings Down

John Wolz

H. Paulin & Co. Ltd. Reported first quarter 2001 sales were down 7.5% to $26.85 million and earnings dropped 26% to $1.88 million.
Toronto-based Paulin noted the sales decline began with a slower economy in the latter part of 2000. The company also attributed higher energy and transportation costs, higher equipment leasing costs and lower
selling prices to the profit decline.
“First quarter results reflect the dramatic reduction in North American automotive vehicle production volumes,” president Richard Paulin said. “All of our manufacturing divisions experienced lower profit levels.
Margins were also adversely affected by the significantly higher costs for natural gas.”
The only strong market was the Canadian province of Alberta where sales in all segments increased.
Toronto-based Paulin was founded in 1920 by Harry Paulin and today manufactures fasteners, fluid system products, automotive parts and screw machine components. �2001 FastenerNews.com