Chicago Rivet Sales & Income Drop Amid Auto Slump
August 11
00:00
2008
Chicago Rivet Sales & Income Drop Amid Auto Slump
Jason Sandefur
Chicago Rivet & Machine Co. reported sales during the second quarter of 2008 dropped 20% to $8.05 million. The company reported a $19,412 loss during the quarter.
For the first six months of 2008 sales declined 18% to $16.46 million, with operating income dropping to $11,251 from $1.29 million during the first half of 2007 and net income slipping to $8,251 from $833,671.
During 2007 fastener sales at Chicago Rivet dropped 3.9% to $33.08 million. However, net income rose to $1.3 million from $1.1 million as Chicago Rivet closed an Iowa plant and made other workforce cuts. Web: chicagorivet.com �2008 FastenerNews.com
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