McClain Industries. announced sales and a
loss for the year ended September 30. Sales increased to $141 million compared
to $140.6 million last year. The loss was $85,854 compared to net income of
$4,181,938 last year.
Sales for the quarter were $32,557,136
compared to $38,658,713 last year. The net loss for the quarter was $1,711,571 compared
to net income of $1.117 million for the same quarter last year.
``Sales and earnings were significantly
affected by a slowdown in the E-Z Pack and Galion Dump Body divisions, which
began during the third quarter of fiscal 2000. The continuing sales slowdown in
the package dump truck market and our inability to profitably compete led to
our decision to exit this market and to liquidate the entire Galion Dump Body
truck chassis inventory during the fourth quarter, resulting in a loss of $1.75
million on sales of truck chassis. Overall, the truck group lost $3.5
million,'' said Kenneth McClain, president and CEO. ``We expect sales to remain
weak into the second quarter of fiscal 2001.''
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