McClain Industries, Inc. announced record sales for the first quarter. Sales for the first quarter increased 9 percent to a record $29.592 million from $27.156 million for the same quarter in fiscal 1999. Net income for the first quarter of fiscal 2000 was $478,270, compared to net income of $561,786 during the same quarter in fiscal 1999.
``The first quarter sales increase of 9% from the previous years first quarter was within our projections,'' said Kenneth D. McClain, president and CEO. ``While demand for our products is up, net income, was down due to higher interest expense on inventories of expected sales in our truck division, which will be shipped during the second quarter of fiscal 2000. We expect the sales and earnings trend of fiscal 1999 to continue during fiscal 2000.''
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