November 6, 2009
Starrett Loss Continues
Athol tool company L.S. Starrett lost $3.1 million in the first quarter of its 2010 fiscal year, compared with a $2.6 million profit for the same quarter of 2009.
It was the third straight quarter of loss for the company, which lost $3.9 million in the third quarter of 2009 and $7.5 million in fourth quarter of the year.
The company's year-over-year sales dropped 40 percent for the quarter, ended Sept. 26, from $68 million to $40.6 million. Starrett said the decline was "not unexpected" because of the recession and said the company has historically lagged behind the economy.
The company reduced its production and general expenses from $64.3 million to $44.9 million with tactics including reducing employees' hours.
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