Furon Profit for Quarter Drops 20% : Earnings: Laguna Niguel plastics manufacturer reports $1.75 million for three months, down from $2.2 million.
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LAGUNA NIGUEL — Furon Co. said Tuesday that profit for its latest quarter dropped 20%.
The company, which makes industrial plastics, said earnings fell to $1.75 million from $2.2 million for its first fiscal quarter, which ended May 1. Earnings per share were 20 cents, down from 26 cents.
Three-month sales were off slightly to $77.2 million from $79.4 million.
Furon Chairman J. Michael Hagan said the slump was expected. “Last year our first quarter was the highest of the year, but with the uncertainty in our markets it is difficult to predict any kind of trend for the next several quarters,” he said.
Industrial companies continue to be adversely affected by the economic downturn both in the United States and internationally, economists say.
Hagan said Furon is continuing a program of new-product development, internal cost-containment and quality improvements in an effort to improve its operational performance.
During its first quarter, for instance, Furon cut its sales and administrative expenses by 5% to $17.5 million from $18.5 million a year earlier.
The company, based in Laguna Niguel, produces seals, fittings and other polymer components for a variety of markets, including the petrochemical, aerospace, transportation and medical industries.
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