John Wolz

TransTechnology Corporation reported net sales for its fiscal quarter increased 6% to $17.3 million. The company’s $5.2 million net loss for the quarter ended September 29, 2002, was a fraction of the $54.6 million net loss in the same period of 2001.
TransTechnology has been selling its fastener businesses and using proceeds to reduce debt.
Military aerospace sales paced TransTechnology’s growth during the quarter. “We expect that increased military spending, especially on aftermarket parts, and the higher margins we realize on aftermarket sales to both commercial and military users, will offset most, if not all, of the possible lost commercial airframe OEM revenues,” CEO Michael Berthelot said. Web: transtechnology.com
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