Heads & Threads 2002 Earnings Improve
Heads & Threads 2002 Earnings Improve
Jason Sandefur
Heads & Threads International LLC reported net sales for the fourth quarter of 2002 increased 2% to $25.37 million, and earnings improved to $967,000 compared to a $6.1 million loss in Q4 of 2001.
For the year ended Dec. 31, 2002, HTI reported earnings of $2.4 million compared to a loss of $20.2 million in 2001. HTI said the profit resulted from higher margins and a reduction in operating expenses. However, sales in 2002 fell 7.5% to $110.4 million due to decreased U.S. fastener demand.
Parent company Alleghany Corp. reported Q4 revenue rose 40% to $132.5 million, while earnings were a loss of $400,000 compared to $1.4 million profit in Q4 of 2001. For the year ended Dec. 31, 2002, revenue fell 37.6% to $575.7 million, and net earnings dropped 87% to $54.8 million.
For 2003, HTI predicts average inventory costs will rise due to the increased price of steel from China. Web: headsandthreads.com �2003 FastenerNews.com
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