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Article: Arrow-Magnolia International Announces Results for First Quarter.
- Article from:
- PR Newswire
- Article date:
- May 16, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Arrow-Magnolia International, Inc. today reported that first- quarter net income equaled that of the same period last year, although net sales declined by 13% to $3.1 million from last year's first-quarter record of $3.6 million. Net income was $170,000 in both periods, or 5 cents per share basic and diluted.
Fred Kenner, President, noted that severe winter weather in much of the Company's sales area during January and February had a severe impact on sales, but that a recovery to normal rates of growth began in March. The net income percentage was increased, he said, primarily as a result of close cost supervision and a consequent reduction of expenses.
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